Anil Singhvi’s Strategy February 7: Pharma Sector is Negative; Sell Lupin Futures with Stop Loss 855

Amid positive foreign institutional investors (FII), sentiments and domestic institutional investors (DIIs), neutral future and option (F&O) and global market cues, the short-term trend of the Indian market will remain positive on Thursday, February 7, 2019.

Earlier on Wednesday, February 6, 2019, the BSE Sensex ended 358.42 points, or 0.98 per cent, higher at 36,975.23 while Nifty 50 edged up 128.10 points, or 1.17 per cent, to 11,062.45. Nifty Bank was up by 130.65 points, or 0.48 per cent, to end at 27,402.35. 

Tech Mahindra Limited (8.12 per cent), Cipla Limited (7.30 per cent) and Zee Entertainment Enterprises Limited (ZEEL) (6.46 per cent) were the top gainers of the day while Adani Ports which lost 3.13 per cent was the biggest loser. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for February 7: 

11,000 and 27,300 are going to be the deciding levels on Nifty and Bank Nifty. 
The small and medium trading range on Nifty resides between 11,000-11,100 and 10,975-11,150 respectively. The extreme range stands at 10,925-11,200.
The small and medium trading range on Bank Nifty resides between 27,300-27,500 and 27,150-27,600 respectively. The extreme range stands at 27,050-27,750. 
Traders should reduce their positions on the two indices, Nifty and Bank Nifty, is they close below the mark of 10,900 and 27,150. 
Put-call ratio (PCR) stands at 1.82 and traders are advised to be on an alert at higher levels. 

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— Zee Business (@ZeeBusiness) February 7, 2019

For Existing Positions:
Nifty stop loss 11,000 and target 11,100, 11,150.
Bank Nifty stop loss 27,300 and target 27,500, 27,600, 27,700. 

For New Positions:
Buy Nifty near 11,000 with a stop loss of 10,975 and target 11,050, 11,075, 11,100. 

Buy and Sell Strategy on Bank Nifty
Buy Bank Nifty in 27,150-27,250 range with a stop loss of 27,050 and target 27,350, 27,450, 27,550. 
Sell Bank Nifty in 27,550-27,650 range with a stop loss 27,750 and target 27,450, 27,400. 

The put-call ratio (PCR) stands at 1.82 and the volatility index (VIX) is 15.63.  

Watch This Zee Business Video

Sectors:
Positive: Banks, IT
Negative: Pharma

Stock of the Day:
Sell Lupin Futures: Stop loss 855 and target 820, 810, 790. Weak operational performance. 

Aaj ka Hero:
Buy Manappuram Futures: Stop loss 95 and target 99, 101. Good operational performance, short covering possible.