Anil Singhvi’s Market Strategy September 11: Market is negative; SREI Infra futures and Cummins Futures are stock of the day
The benchmark domestic stocks on Monday, September 10, 2018, plunged more than one per cent amid mixed global share markets. S&P BSE Sensex lost 1.22 per cent or 467.65 points to trade below 38,000 level at 37,922.17. The Nifty 50 at the National Stock Exchange also tumbled 1.30 per cent or 151 points to trade below 11,500 marks at 11,438.10.
The benchmark domestic stocks on Monday, September 10, 2018, plunged more than one per cent amid mixed global share markets. S&P BSE Sensex lost 1.22 per cent or 467.65 points to trade below 38,000 level at 37,922.17. The Nifty 50 at the National Stock Exchange also tumbled 1.30 per cent or 151 points to trade below 11,500 marks at 11,438.10, while Nifty Bank lost 1.02 per cent or 279.70 points to close at 27,201.75.
In secondary indices at BSE, Mid Cap plunged 1.68 per cent while Small Cap index fell 1.07 per cent.
Neutral global outlook, future and options (F&O) and negative domestic institutional investors (DIIs) and foreign institutional investors (FII) cues suggest that the short-term trend of the Indian market is going to be negative on September 11, 2018. Traders are advised to be cautious while trading in the market today.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 11:
Asian markets and Rupee important triggers.
Next important support zone on Nifty and BankNifty rests at 11,400 and 27,125 respectively.
Small and bigger trading range on Nifty lies between the mark of 11,400-11,500 and 11,350-11,550 respectively.
In the case of BankNifty, the smaller and bigger trading range lies at 27,125-27,350 and 27,000-27,400 respectively.
Traders can increase their buying positions on the two indices if they close above the mark of 11,600 and 27,500.
PCR, which stands at 1.33 has brought down the positions of weak traders.
Buy and Sell strategy on Nifty
Buy Nifty with a stop loss of 11,390 and target of 11,475-11,500-11,525.
Sell Nifty near 11,500 with a stop loss of 11,550 and target of 11,450.
Watch this Zee Business video here:
Buy and Sell strategy on BankNifty
Buy BankNifty with a stop loss of 27,100 and target of 27,250-27,350.
Sell BankNifty near 27,350 with a stop loss of 27,450 and target of 27,200.
The put-call ratio (PCR) stands at 1.33 and the volatility index (VIX) is 15.20.
Stock of the Day:
Buy SREI Infra Futures: Stop loss 50 and target 54, above 54 it is 55.50, 58
Power Equipment Finance arm IPO approved
Buy Cummins Futures: Stop loss of 735 and target 760, 765
Management Concall was extremely good, guidance to improve margins