Anil Singhvi’s Strategy April 26: Market Trend is Neutral; Sell Maruti Cash below 6800 levels
On Thursday, April 25, 2019, the domestic stock markets declined more than 0.50 per cent, in the afternoon trade.
Amid positive foreign institutional investors (FII), neutral global and Futures and Options (F&O) and negative Domestic Institutional Investors (DIIs) cues, the short-term trend of the Indian market will be neutral on Friday, April 26, 2019, and sentiment is cautious.
Earlier on Thursday, April 25, 2019, the domestic stock markets declined more than 0.50 per cent, in the afternoon trade. The BSE Sensex lost 323.82 points, or 0.83 per cent, to settle at 38,730.86. The Nifty 50 shed 84.35 points, or 0.72 per cent, to close at 11,641.80 and Bank Nifty was down by 299.45 points, or 1 per cent, and closed at 29,561.35.
At the forex market, the rupee depreciated 38 paise, to 70 rupees 25 paise (0.54 per cent) against the dollar, in intra-day trade.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 26:
The small day range for trading on Nifty stands at 11,600-11,700 while the medium and bigger trading ranges lies between 11,575-11,750 and 11,550-11,800.
The small and medium day ranges for trading on Bank Nifty lies between 29,450-29,650 and 29,250-29,850.
For Existing Long Positions:
Nifty Intraday and Closing stop loss 11,575.
Bank Nifty Intraday and Closing stop loss 29,450.
For Existing Short positions:
Nifty Intraday and Closing stop loss 11,725.
Bank Nifty Intraday and Closing stop loss 29,900.
For New Positions:
Buy Nifty in 11,575-11,600 range with a stop loss of 11,550 and target 11,650, 11,700, 11,725.
Sell Nifty in 11,725-11,750 range with a stop loss of 11,800 and target 11,700, 11,650.
Buy Bank Nifty near 29450 with a stop loss of 29400 and target 29,550, 29,650, 29,850.
Sell Bank Nifty in 29,800-29,850 range with a stop loss of 29,900 and target 29,700, 29,650.
The put-call ratio (PCR) stands at 1.62 and the volatility index (VIX) is 23.23.
In F&O Ban: Nil
Out of F&O Ban: IDBI, Vodafone Idea, Jet Airways, DLF, Adani Power, Reliance Power
Axis Bank Cash: Book profit if open up higher in the 765-775 range. Major support range 715-725
Biocon Cash: Results and bonus good, book profit in 630-340 range.
Stock of the Day:
Sell Maruti Cash: Sell below 6800 levels for a target 6800, 6650 and stop loss 7000. Weak results and Poor guidance.
Aaj Ka Hero:
Sell Ashok Leyland Cash: Stop loss 91 and target 88, 86.50. Margins pressure due to high inventory.