Amid positive foreign institutional investors (FIIs), neutral global markets, futures & options (F&O), sentiment and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be negative on Thursday, April 9, 2020.
Key barometers ended the volatile session with minor losses on Wednesday, April 8, 2020. The barometer index S&P BSE Sensex, lost 173.25 points or 0.58% at 29,893.96. The index soared 1160.76 points to hit the day’s high of 31,227.97 in morning trade. The Nifty 50 index fell 43.45 points or 0.49% at 8,748.75. The index reversed trend after surging 339.50 points to hit the day’s high of 9,131.70 in morning trade. Bank Nifty fell 116.05 points or 0.61% to 18,946.45.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for April 9:
Strong Support Zone on Nifty is 8,350-8,500 and Bank Nifty is 18,000-18,500.
Strong Sell Zone on Nifty is 9,000-9,150 and Bank Nifty is 20,000-20,400.
The small day range for trading on Nifty is 8,650-8,825, while the medium and bigger ranges are 8,575-9,000 and 8,500-9,150 respectively.
The small day range for trading on Bank Nifty is 18,500-19,450, while the medium and bigger ranges are 18,200-19,600 and 18,000-20,000 respectively.
For Existing Long Positions:
Nifty intraday and closing stop loss 8,650.
Bank Nifty intraday and closing stop loss 18,500.
For Existing Short Positions:
Nifty intraday and closing stop loss 8,825.
Bank Nifty intraday and closing stop loss 19,200.
For New Positions:
Buy Nifty in 8,575-8,675 range with a stop loss of 8,500 and target 8,750, 8,800, 9,000, 9,125.
Sell Nifty in 9,000-9,150 range with a stop loss of 9,200 and target 8,850, 8,800, 8,750, 8,675.
Buy Bank Nifty in 18400-18800 range with a stop loss of 18,200 and target 19,150, 19,450, 19,600, 20,000, 20,300.
Sell Bank Nifty in 19,600-20,000 range with a stop loss of 20,500 and target 19,200, 19,000, 18,800, 18,500.
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Put-Call Ratio (PCR) is 1.31 and the Volatility Index (VIX) is 52.24.