Anil Singhvi’s Strategy May 2: Market Trend is Positive; Sell Maruti Futures with Stop Loss 6725
On positive DII and FII, neutral F&O and global cues, the short-term trend of the Indian markets will be positive on Thursday, says Zee Business Managing Editor Anil Singhvi.
Amid positive Domestic Institutional Investors (DIIs) and foreign institutional investors (FII), neutral global and Futures and Options (F&O) cues, the short-term trend of the Indian market will be positive on Thursday, May 2, 2019, and sentiment is cautious.
Earlier, it was a roller-coaster ride for the markets on Tuesday, April 30, 2019, which ended on a flat note. Nifty 50 closed flat after shredding 6.55 points (0.06%) at 11,748.15 while the BSE Sensex was down by 35.75 points (0.09%) to close at 39,031.55. Similarly, Bank Nifty lost 248.70 points (0.83%) and settled at 29,764.80.
See Anil Singhvi's Tweet below:
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— Zee Business (@ZeeBusiness) May 2, 2019
Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 2:
The small and medium trading ranges on Nifty lies between the mark of 11,700-11,800 and 11,650-11,850 respectively. The bigger range stands at 11,575-11,900.
The small and medium trading ranges on Bank Nifty lies between the mark of 29,650-29,925 and 29,550-30,050. The bigger range stands at 29,450-30,150.
For Existing Long Positions:
Nifty intraday and Closing stop loss 11,640.
Bank Nifty intraday and Closing stop loss 29,550.
For Existing Short Positions:
Nifty intraday and Closing stop loss 11,750.
Bank Nifty intraday and Closing stop loss 30,050.
For New Positions:
Buy Nifty in 11,700-11,725 range with a stop loss of 11,650 and target 11,800, 11,850.
Sell Nifty near 11,850 with a stop loss of 11,900 and target 11,800.
Buy Bank Nifty in 29,550-29,650 range with a stop loss of 29,450 and target 29,850, 29,925, 30,050.
Sell Bank Nifty in 30,000-30,050 range with a stop loss of 30,150 and target 29,925, 29,850, 29,750.
The put-call ratio (PCR) stands at 1.49 and the volatility index (VIX) is 21.83.
In F&O Ban: Nil
Ajanta pharma Futures: Results weak as expected but the stock may go up due to short covering. Buy in 975-980 range with stop loss 970 and target 1000, 1020.
Sell Ambuja Futures: Stop loss 222 and target 215, 212. Margins weak, profit better due to other income.
Stock of the Day:
Sell TVS Motors Futures: Stop loss 492 and target 475, 465. Weak operational performance.
Sell Jet Airways: Stop loss 155 and target 148, 140. Still no buyers for Jet stake.
Aaj Ka Hero:
Sell Maruti Futures: Stop loss 6725 and target 6550, 6525. 18% fall in April Sales.