Anil Singhvi’s Strategy August 8: Market Trend is Negative; Buy Aurobindo Pharma Futures with Stop Loss 550
On account of positive F&O, neutral DIIs, global markets and FIIs, the short-term trend of the domestic Indian markets will be Negative, says Zee Business Managing Editor Anil Singhvi.
Amid positive futures and options (F&O), neutral domestic institutional investors (DIIs), global markets and foreign institutional investors (FIIs) cues, the short-term trend of the domestic Indian markets will be Negative on Thursday, August 8, 2019, while sentiment will be cautious.
Domestic equity benchmarks on Wednesday, August 7, 2019, closed with losses of around 0.8 per cent after the Reserve Bank of India (RBI) revised its growth forecast for the year to 6.9% from 7% estimated earlier. Sensex and Nifty, both, fell amid mixed Asian stocks. Sensex at Bombay Stock Exchange declined 286.35 points (0.77%) to end at 36,690.50. Nifty at National Stock Exchange also slipped 92.75 points (0.85%) to settle at 10,855.50 while Bank Nifty fell 320.05 points (1.14%) to close at 27,702.05.
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Zee Entertainment Enterprises (up 2.90%) and Cipla (up 2.766%) were the major gainers of the day while top losers included Indiabulls Housing Finance (down 13.40%), Mahindra & Mahindra (down 5.92%), Tata Steel (down 5.88%) and Tata Motors (down 4.33%).
Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 8:
Nifty 10,775-10,825 support zone, 10,975-11,025 higher range.
The small and medium day range for trading on Nifty lie between 10,825-10,900 and 10,800-10,975. The bigger range stands at 10,775-11,000.
Bank Nifty 27,400-27,650 support zone, 27,950-28,150 higher range.
The small and medium day range for trading on Bank Nifty lie between 27,650-27,850 and 27,500-28,000. The bigger range stands at 27,375-28,150.
For Existing Long Positions:
Nifty intraday stop loss 10,775 and closing stop loss 10,850.
Bank Nifty intraday stop loss 27,375 and closing stop loss 27,650.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,000.
Bank Nifty intraday and closing stop loss 28,200.
For New Positions:
Buy Nifty with a stop loss of 10,775 and target 10,900, 10,950, 10,975.
Sell Nifty in 10,975-11,025 range with a stop loss of 11,075 and target 11,950, 10,900, 10,850.
Buy Bank Nifty with a stop loss of 27,500 and target 27,850, 27,950, 28,050.
Sell Bank Nifty in 28,050-28,150 range with a stop loss of 28,200 and target 27,950, 27,850, 27,700.
The put-call ratio (PCR) near OVERSOLD 0.97and the volatility index (VIX) 16.74.
Affle India IPO Listing Preview: Expect a strong listing 950-1000 range. Short term investors who applied for listing gain can keep a stop loss of Rs. 925.
Stock of the Day:
Short Maruti Futures: Stop loss 5780 and target 5650, 5600, 5530. 25% production cut in July.
Aaj Ka Hero:
Buy Aurobindo Pharma Futures: Stop loss 550 and target 565, 570. Operationally strong results.
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