Anil Singhvi’s Strategy February 24: Metal, Auto, Bank & NBFC are Negative; Sell Max Financial Futures with Stop Loss 595

Amid negative global markets, domestic institutional investors (DIIs), sentiment and neutral foreign institutional investors (FIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, February 24, 2020.

The stock markets, the Sensex and the Nifty closed in a red on Thursday, February 20, 2020. After trading near the flat line for the most part of the session, key indices slipped by 0.37% in the last hour of the trade and ended near the day's low. Trading was volatile due to expiry of weekly index options on the NSE.

The S&P BSE Sensex, fell 152.88 points or 0.37% to 41,170.12. The Nifty 50 index lost 45.05 points or 0.37% at 12,080.85. However, Nifty Bank gained 104.65 points or 0.34% and closed at 30,942.85.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for February 24:

The small day range for trading on Nifty is 12,000-12,050, while the medium and bigger ranges are 11,925-12,100 and 11,800-12,150.

The small day range for trading on Bank Nifty is 30,600-30,950, while the medium and bigger ranges are 30,500-31,000 and 30,250-31,100.

For Existing Long Positions:

Nifty intraday and closing stop loss 12,000.

Bank Nifty intraday and closing stop loss 30,700.

For Existing Short Positions:

Nifty intraday and closing stop loss 12,100.

Bank Nifty intraday and closing stop loss 31,000.

For New Positions:

Sell Nifty with a stop loss of 12,100 and target 12,000, 11,925.

Buy Nifty in 11,900-11,925 range with a stop loss of 11,875 and target 12,000, 12,025.

Sell Bank Nifty with a stop loss of 31,000 and target 30,700, 30,600, 30,500, 30,250.

Buy Bank Nifty near 30,500 with a stop loss of 30,450 and target 30,600, 30,700, 30,800.

Put-Call Ratio (PCR) is 1.4. The volatility index (VIX) is 13.70.

Out of F&O Ban: NCC

Already in F&O Ban: Yes Bank

Sectors: 

Negative: Metal, Auto, Bank, NBFC

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Stock of the Day:  

Sell Max Financial Futures: Stop loss 595 and target 545, 530, 515. Max Finance Axis tie-up is not attractive. 575-595 Bestselling zone.