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Anil Singhvi’s Strategy February 11: Pharma & Metals sectors are Negative; Sell Tata Steel Futures with stop loss 480
Amid neutral foreign institutional investors (FII), future and option (F&O) and global cues, and negative domestic institutional investors (DIIs) and cautious sentiments cue the short-term trend of the Indian market will remain positive on Monday, February 11, 2019.
Amid neutral foreign institutional investors (FII), future and option (F&O) and global cues, and negative domestic institutional investors (DIIs) and cautious sentiments, the short-term trend of the Indian market will remain positive on Monday, February 11, 2019. Earlier on Friday, February 8, 2019, the Indian domestic markets closed in a red after losing more than 1 per cent. The S&P BSE Sensex lost 424.62 points, or 1.15%, on the day to end at 36,546.48 and Nifty 50 declined 125.80 points, or 1.14%, and closed at 10,943.60. The Nifty Bank also plunged 92.80 points, or 0.34%, to settle at 27,294.40.
The decline was led by sharp sell-off in the automobile and metal stocks. Tata Motors lost 17.88 per cent, Vedanta Limited was down by 5.41 per cent, Eicher Motor ended 4.99 per cent and Tata Steel went down by 4.16 per cent. On the other hand, Bharti Infratel went up by 7.55 per cent and Kotak Bank gained 1.09 per cent were the top gainers of the day.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for February 11:
10,925 and 27,250 are going to be the deciding levels on Nifty and Bank Nifty.
The small and medium trading ranges on Nifty lies between 10,900-10,975 and 10,850-11,000 while the extreme range stands at 10,800-11,050.
The small and medium trading ranges on Bank Nifty lies between 27,150-27,400 and 27,050-27,500 while the extreme range stands at 26,900-27,600.
Traders are advised to reduce their buying positions on the two indices, Nifty and Bank Nifty if they close below the mark of 10,900 and 27,150.
For Existing Long Positions:
Stop loss already triggered for day readers Nifty at 11000 Bank Nifty at 27300.
For Existing short positions:
Nifty stop loss 11,000 and target 10,900, 10,850, 10,825.
Bank Nifty stop loss 27,500 and target 27,150, 27,050.
For New Positions:
Sell Nifty near 11,000 with a stop loss of 11,050 and target 10,950, 10,925.
Buy Nifty in 10,825-10,850 range with a stop loss of 10,800 and target 10,900, 10,925.
Sell Bank Nifty in 27400-27500 range with a stop loss of 27,600 and target 27,300, 27,250, 27,150.
Buy Bank Nifty in 27,050-27,150 range with a stop loss 26,900 and target 27,250, 27,300.
The put-call ratio (PCR) stands at 1.59 and the volatility index (VIX) is 15.57.
Negative: Pharma, Metals.
Stock of the Day:
Sell Tata Steel Futures: Stop loss 480 and target 460, 455. Weak operational performance, lower margins
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