Anil Singhvi’s Strategy August 7: Market trend is Negative; Sell Tata Steel Futures with Stop Loss of 408
On account of positive DII, neutral F&O, negative FIIs the short-term trend of the domestic Indian markets will be Negative, says Zee Business Managing Editor Anil Singhvi.
Amid positive domestic institutional investors (DIIs), neutral global markets and futures and options (F&O), negative foreign institutional investors (FIIs) cues, the short-term trend of the domestic Indian markets will be Negative today on Wednesday, August 7, 2019, while sentiment will be cautious.
Earlier on Tuesday, August 6, 2019, the domestic stock markets edged higher with banking and auto stocks leading the rally. Investors awaited the Reserve Bank of India's monetary policy decision scheduled today. Sensex and Nifty, both, climbed around 0.8 per cent even as other Asian stocks witnessed heavy fall. The Sensex at the Bombay Stock Exchange gained 277.01 points to end at 36,976.85. The Nifty at the National Stock Exchange also surged 85.65 points to settle at 10,948.25. Similarly, Bank Nifty gained 374.05 points to close at 28,022.10.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 7:
11,000 and 28,000 are the deciding levels on Nifty and Bank Nifty respectively.
Nifty 10,775-10,850 support zone, 11,075-11,150 higher range.
The small day range for trading on Nifty stands at 10,850-11,000 while the medium and bigger range lies between 10,825-11,075 and 10,775-11,150.
Bank Nifty 27,400-27,650 support zone, 28,350-28,500 higher range.
The small day range for trading on Bank Nifty stands at 27,900-28,200 while the medium and bigger range lies between 27,650-28,350 and 27,500-28,500.
For Existing Long Positions:
Nifty intraday and closing stop loss 10,850.
Bank Nifty intraday stop loss 27,900 and closing stop loss 27,650.
For Existing Short Positions:
Nifty intraday stop loss 11,075 and closing stop loss 11,000.
Bank Nifty intraday and closing stop loss 28,200.
For New Positions:
Buy Nifty in 10,800-10,850 range with a stop loss of 10,775 and target 10,900, 10,950, 11,000.
Sell Nifty in 11,075-11,150 range with a stop loss of 11,200 and target 11,000, 10,950, 10,900.
Buy Bank Nifty in 27,500-27,650 range with a stop loss of 27,350 and target 27,850, 27,950, 28,150.
Sell Bank Nifty in 28,200-28,350 with a stop loss of 28,550 and target 27,950, 27,850, 27,650.
The put-call ratio (PCR) stands at 1.12 and the volatility index (VIX) up 9% at 16.12.
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