Anil Singhvi’s Strategy December 23: Buy Metal Stocks on Dips; Oil & Gas sector is negative

Amid positive global markets, foreign institutional investors (FII) and sentiment, domestic institutional investors (DIIs) and cautious futures and options (F&O) cues, the short-term trend of the Indian markets will remain positive on Monday, December 23, 2019.

Equity benchmarks on Friday, December 20, 2019, hit record highs for the fourth session in a row in afternoon trade. Sensex and Nifty, both, added marginally around 0.1 per cent amid mixed cues from global markets. Sensex at Bombay stock exchange climbed 7.62 points, or 0.02%, to 41,681.54. Nifty at National Stock Exchange also gained 12.10, or 0.10%, points to trade at 12,271.80. Bank Nifty gained 143.50 points, or 0.45%, and closed at 32,384.95.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 23:

Strong day support zone on Nifty is 12,175-12,225 and Bank Nifty is 32,150-32,250 respectively.

The small day range for trading on Nifty stands at 12,250-12,300, while medium and bigger range lies between 12,225-12,350 and 12,175-12,400 respectively.

The small day range for trading on Bank Nifty stands at 32,250-32,425, while medium and bigger range lies between 32,150-32,500 and 32,050-32,600 respectively.

The put-call ratio (PCR) 1.73, stay alert at higher levels volatility index (VIX) 12.32.

For Existing Long Positions:

Nifty intraday and closing stop loss 12,200.

Bank Nifty intraday and closing stop loss 32,200.

For Existing Short Positions:

Nifty intraday and closing stop loss 12,300.

Bank Nifty intraday and closing stop loss 32,500.

For New Positions:

Buy Nifty in 12,200-12,250 range with a stop loss of 12,165 and target 12,275, 12,300.

Sell Nifty with a stop loss of 12,300 and target 12,250, 12,225, 12,200.

Buy Bank Nifty in 32,150-32,250 range with a stop loss of 32,000 and target 32,250, 32,350, 32,450.

Sell Bank Nifty with a stop loss of 32500 and target 32,250, 32,150, 32,100.

Still in F&O Ban: Yes Bank

Sectors:

Positive: Metals buy on dips

Negative: Oil & Gas

Stock of the Day:

Buy GAIL Futures: Stock may open down due to news of DoT imposing Rs. 1.72 lakh crore. Trading range 114 – 122. Buy near 112-114 range with stop loss 110 and target 120, 122.