Amid negative global markets, domestic institutional investors (DIIs), sentiment and neutral foreign institutional investors (FIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, February 24, 2020.
The stock markets, the Sensex and the Nifty closed in a red on Thursday, February 20, 2020. After trading near the flat line for the most part of the session, key indices slipped by 0.37% in the last hour of the trade and ended near the day’s low. Trading was volatile due to expiry of weekly index options on the NSE.
The S&P BSE Sensex, fell 152.88 points or 0.37% to 41,170.12. The Nifty 50 index lost 45.05 points or 0.37% at 12,080.85. However, Nifty Bank gained 104.65 points or 0.34% and closed at 30,942.85.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 24:
The small day range for trading on Nifty is 12,000-12,050, while the medium and bigger ranges are 11,925-12,100 and 11,800-12,150.
The small day range for trading on Bank Nifty is 30,600-30,950, while the medium and bigger ranges are 30,500-31,000 and 30,250-31,100.
For Existing Long Positions:
Nifty intraday and closing stop loss 12,000.
Bank Nifty intraday and closing stop loss 30,700.
For Existing Short Positions:
Nifty intraday and closing stop loss 12,100.
Bank Nifty intraday and closing stop loss 31,000.
For New Positions:
Sell Nifty with a stop loss of 12,100 and target 12,000, 11,925.
Buy Nifty in 11,900-11,925 range with a stop loss of 11,875 and target 12,000, 12,025.
Sell Bank Nifty with a stop loss of 31,000 and target 30,700, 30,600, 30,500, 30,250.
Buy Bank Nifty near 30,500 with a stop loss of 30,450 and target 30,600, 30,700, 30,800.
Put-Call Ratio (PCR) is 1.4. The volatility index (VIX) is 13.70.
Out of F&O Ban: NCC
Already in F&O Ban: Yes Bank
Negative: Metal, Auto, Bank, NBFC
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Stock of the Day:
Sell Max Financial Futures: Stop loss 595 and target 545, 530, 515. Max Finance Axis tie-up is not attractive. 575-595 Bestselling zone.