Anil Singhvi’s Strategy August 28: Auto & Banks are Negative; Sell Bank Nifty Futures with Stop Loss 28,250
On account of positive DIIs, neutral global market, F&O and FIIs the short-term trend of the domestic Indian markets will be neutral, says Zee Business Managing Editor Anil Singhvi.
Amid positive domestic institutional investors (DIIs) and sentiment, neutral global market, futures and options (F&O) and foreign institutional investors (FIIs) cue the short-term trend of the domestic Indian markets will be neutral on Wednesday, August 28, 2019.
Earlier, the domestic stock markets on Tuesday, August 27, 2019, continued their winning streak for the third session in a row after the government's proactive measures to lift the economy and the RBI's liquidity support of Rs1.76 lakh crore to the government. Sensex at Bombay Stock Exchange climbed 147.15 points or 0.39 per cent to close at 37,641.27. Nifty at National Stock Exchange also climbed 47.50 points or 0.43 per cent to settle at 11,105.35. Similarly, Bank Nifty gained 174.80 points or 0.63 per cent and settled at 28,126.15.
See Zee Business Live TV streaming below:
The gains were driven by gains in banking, auto and energy stocks. Some selling in IT space capped the gains. Tata Motors (up 8.96 per cent), Britannia (up 6.70 per cent) and Tata Steel (up 4.08 per cent) were the top gainers of the day.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 28:
The small and medium trading range on Nifty lies between 11,050-11,150 and 11,000-11,175 respectively while the bigger range stands at 10,925-11,200.
The small and medium trading range on Bank Nifty lies between 27,950-28,250 and 27,700-28,450 respectively.
Higher zone to trade on the two indices, Nifty and Bank Nifty, lies between 11,150-11,200 and 28,350-28,500 respectively.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,000.
Bank Nifty intraday and closing stop loss 27,950.
For Existing Short Positions:
Nifty intraday stop loss 11,200 and closing stop loss 11,150.
Bank Nifty intraday and closing stop loss 28,300.
For New Positions:
Buy Nifty in 11,000-11,050 range with a stop loss of 10,975 and target 11,100, 11,150, 11,175.
Sell Nifty in 11,150-11,175 range with a stop loss of 11,200 and target 11,100, 11,075.
Buy Bank Nifty near 27,950 with a stop loss of 27,900 and target 28,100, 28,250, 28,400.
Sell Bank Nifty in 28,400-28,500 range with a stop loss of 28,600 and target 28,250, 28,100.
The put-call ratio (PCR) is at 1.23 and the volatility index (VIX) is 16.01.
Negative: Auto, Banks
No stock in F&O Ban
Out of Ban: IDBI
Stock of the Day:
Sell IndusInd Bank Futures: Stop loss 1400 and target 1370, 1355, 1340.
Aaj Ka Hero:
Sell Bank Nifty Futures: Stop loss 28,250 and target 28,025, 27,900, 27,800.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.