Anil Singhvi’s Strategy August 23: Trend & Sentiment are Negative; Know levels @which trend turns Neutral

Amid positive domestic institutional investors (DIIs), neutral global market and futures and options (F&O) and negative foreign institutional investors (FIIs) and sentiment cues the short-term trend of the domestic Indian markets will be negative on Friday, August 23, 2019.

Earlier on Thursday, August 22, 2019, the equity indices fell sharply amid the lack of policy announcements to revive the economic growth from the government side. At the stock markets, the Sensex at the Bombay Stock Exchange tanked 587.44 points, or 1.59 per cent, to close at 36,472.93. The Nifty at the National Stock Exchange plunged 177.35 points, or 1.62 per cent, to 10,741.35 while Bank Nifty was down by 684.85 points, or 2.47 per cent, and settled at 27,034.20. On the same grounds, Rupee also closed at the lowest since December 2018.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 22:

Small and medium day range for trading on Nifty lies between 10,700-11,800 and 10,650-10,850 respectively. The bigger range stands at 10,600-10,925.
Small and medium day range for trading on Bank Nifty lies between 26,950-27,450 and 26,650-27,650 respectively.
PCR near oversold at 0.97
Next important support zone on Nifty and Bank Nifty lies between 10,575-10,600 and 26,600-26,650 respectively.
The trend to become neutral only if Nifty and Bank Nifty close above 10,925 and 28,000.

For Existing Long Positions:
Nifty and Bank Nifty intraday and closing stop loss already triggered.

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#NewsImpact | जानिए खबरों के दम पर आज कौन से शेयरों में दिखेगा दमखम.. @AnilSinghvi_ pic.twitter.com/QPdDWSgfU9

— Zee Business (@ZeeBusiness) August 23, 2019

For Existing Short Positions:
Nifty intraday and closing stop loss 10,925.
Bank Nifty intraday and closing stop loss 27,500.
 
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For New Positions:
Sell Nifty in 10,850-10,900 range with a stop loss of 10,950 and target 10,800, 10,750.
Buy Nifty near 10,700 with a stop loss of 10,675 and target 10,750, 10,800, 10,850.
Sell Bank Nifty in 27,400-27,600 range with a stop loss of 27,750 and 27,100, 27,000.
Buy Bank Nifty near 26,700 with a stop loss of 26,600 and target 26,800, 26,950, 27,050.

2 stocks in F&O Ban: IDBI, DHFL