Anil Singhvi’s Strategy April 4: Market Trend to be Positive; Sell Eicher Motors Futures with Stop Loss 20,550
On account of positive global sentiments, neutral FIIs and F&O suggest that the short-term trend of the Indian indices will be positive, says Zee Business Managing Editor Anil Singhvi.
Positive global market, neutral foreign institutional investors (FIIs), futures & options (F&O), domestic institutional investors (DIIs) and cautious sentiments cues suggest that the short-term trend of the Indian stocks market will be positive on Thursday, April 4, 2019.
Earlier, the equity indices on Wednesday, April 3, 2019, closed in a red after four-day gains. On the day, the S&P BSE Sensex lost 179.53 points, or 0.46 per cent, to close at 38,877.12. The Nifty 50 dropped 69.25 points, or 0.59 per cent, to 11,643.95 and Bank Nifty fell 260.90 points, or 0.6 per cent, to 30,093.30.
See Anil Singhvi's tweet below:
— Zee Business (@ZeeBusiness) April 4, 2019
Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 4:
The small and medium day range for trading on Nifty stands at 11,625-11,700 and 11,570-11,750 respectively.
The small and medium day range for trading on Bank Nifty lies between 30,000-30,225 and 29,900-30,325 while the bigger range stands at 29,800-30,425.
The support zone on the two indices, Nifty and Bank Nifty, lies between 11,570-11,600 and 29,900-30,050 respectively.
For Existing Long Positions:
Nifty Intraday stop loss triggered. Keep Closing stop loss at 11,625.
Bank Nifty both Intraday and Closing stop loss already triggered.
For Existing short positions:
Bank Nifty Intraday and Closing stop loss 30,350.
For New Positions:
Buy Nifty with a stop loss of 11,570 and target of 11,700, 11,725.
Sell Nifty in 11,700-11,750 range with a stop loss of 11,800 and target of 11,650.
Buy Bank Nifty in 29,900-30,050 range with a stop loss of 29,800 and target 30,150, 30,200, 30,300.
Sell Bank Nifty in 30,325-30,425 range with a stop loss of 30,500 and target 30,200, 30,100.
The put-call ratio (PCR) stands at 1.42 and the volatility index (VIX) is 18.78.
Enter F&O Ban: Jet Airways
Exit Ban: Nil
3 Already in Ban: Adani Power, IDBI, Reliance Power
Stock of the Day:
Sell Jet Airways Cash: Stop loss 255 and target 245, 235. Higher crude prices, Cash crunch still not solved.
Aaj Ka Hero:
Sell Eicher Motors Futures: Stop loss 20,550 and target 19,700, 19,500. Morgan Stanley reduced the target to 21,331 from 29,000.
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