Amid positive foreign institutional investors (FIIs), neutral global markets, sentiments, negative domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Monday, April 13, 2020.
Domestic shares surged on Thursday, April 9, 2020, tracking gains in global peers amid hopes that governments will roll out more stimulus measures to support their economies. The trading was volatile due to expiry of weekly index options on NSE. The barometer index, the S&P BSE Sensex, surged 1265.66 points or 4.23% at 31,159.62. The Nifty 50 index soared 363.15 points or 4.15% at 9,111.90. Similarly, Bank Nifty gained 967.15 points or 4.84% to close at 19,913.60.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 13:
Strong support zone on Nifty is 8,600-8,800 and Bank Nifty is 19,000-19,200.
Strong sell zone on Nifty is 9,100-9,500 and Bank Nifty is 20,500-21,000.
Small day range for trading on Nifty is 9,000-9,200, while the medium and bigger ranges are 8,800-9,400 and 8,750-9,500 respectively.
Small day range for trading on Bank Nifty is 19,600-20,300, while the medium and bigger ranges are 19,200-20,500 and 19,000-21,000 respectively.
For Existing Long Positions:
Nifty intraday stop loss 9,000 and closing stop loss 8,750.
Bank Nifty intraday stop loss 19,600 and closing stop loss 19,000.
For Existing Short Positions:
Nifty intraday and closing stop loss 9,200.
Bank Nifty intraday and closing stop loss 20,500.
For New Positions:
Sell Nifty with a stop loss of 9,200 and target 9,000, 8,900, 8,800, 8,750.
Buy Nifty in 8,650-8,800 range with a stop loss of 8,600 and target 8,900, 9,000, 9,100.
Sell Bank Nifty with a stop loss of 20,350 and target 19,600, 19,500, 19,200, 19,000.
Buy Bank Nifty in 19,200-19,500 range with a stop loss of 19,000 and target 19,600, 20,000, 20,300, 20,500.
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Put-Call Ratio (PCR) is higher at 1.49 and Volatility Index (VIX) down 5% to 49.75.