Negative trends of the global markets and weakening rupee, affected sentiments of the investors, making Indian markets to enter the grip of the bears. The benchmark indices fell for the continued third session on Thursday, December 6, 2018.
The 30-share BSE Sensex lost 572.28 points, or 1.59% to close at 35,312.13 while Nifty 50 was down by 181.75 points, or 1.69% and closed at 10,601.15. Similarly, Nifty Bank fell by 321.30 points, or 1.21% to close at 26,198.30.
Amid neutral global market and future and option (F&O), negative domestic institutional investors (DIIs) and foreign institutional investors (FIIs) and cautious sentiment cues the short-term trend of the Indian market will be negative on December 7, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for December 7:
The small and bigger trading range on Nifty lies between 10,600-10,650 and 10,575-10,700 while the extreme range stands at the mark of 10,500-10,725.
In the case of the Bank Nifty, the small trading range stands at the mark of 26,150-26,350 while the bigger and the extreme range lies between 26,050-26,450 and 25,900-26,600.
Strong selling zone on the two indices lies between 10,725-10,775 and 26,450-26,600.
Short coverings will be visible in the market if the two indices cross the mark of 10,725 and 26,500.
Fresh buying can be initiated after the two indices, Nifty and Bank Nifty, closes above the mark of 10,800 and 26,700.
Watch Zee Business Tweet video here:
कल वियना में हुई #OPEC की बैठक, OPEC देश आउटपुट घटाने को हुए तैयार, लेकिन आज रूस के फैसले का है इंतज़ार, जानिए क्या रहा OPEC बैठक में खास अनिल सिंघवी से। @AnilSinghviZEE@firstname.lastname@example.org/Pk1WWM38oE
— Zee Business (@ZeeBusiness) December 7, 2018
Buy and Sell strategy on Nifty
Buy Nifty with a stop loss of 10,575 and target of 10,650, 10,700, 10,725.
Sell Nifty in the range of 10,700-10,750 with a stop loss of 10,775 and target of 10,650, 10,600.
Buy and Sell strategy on Bank Nifty
Buy Bank Nifty with a stop loss of 26,000 and target of 26,300, 26,400.
Sell Bank Nifty in the range of 26,400-26,550 with a stop loss of 26,700 and target of 26,300, 26,150.
No stock in F&O ban
Negative: Metals sell on the rise, PSU Banks, NBFC sell on rising
Positive: Oil Cos. buy on a dip
The put-call ratio (PCR) stands at 1.44 and the volatility index (VIX) is 19.30.
Stock of the Day:
Sell PFC Futures: Stop loss 92 and target 87, 84, 81. Buying REC stake is a big negative.