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Anil Singhvi’s Strategy January 21: L&T is Stock of the Day; South Indian Bank is Aaj Ka Hero
Benchmark domestic indices closed on a flat note on Friday, January 18, 2019, amid mixed global stocks.
Benchmark domestic indices closed on a flat note on Friday, January 18, 2019, amid mixed global stocks. The BSE Sensex climbed 12.51 points (0.03%) to settle at 36,386.61. Nifty went up by 1.75 points (+0.02%) to close at 10,906.95 while Nifty Bank fell by 72.10 (0.26%) and ended at 27,456.70.
Reliance Industries (4.53%) and Wipro (3.32%) were the top gainers while Sun Pharma (-8.51%), Bharti Airtel (-6.47%) and GAIL (-3.28%) were the top losers of the day.
Positive Sentiment, future and option (F&O), neutral global market, foreign institutional investors (FII), and domestic institutional investors (DIIs) cues suggest that the short term of the Indian market will be positive on Monday, January 21, 2019.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for January 21:
10,900 and 27,500 are going to be the deciding levels on Nifty and Bank Nifty.
Small and medium trading range on Nifty lies at 10,850-10,930 and 10,825-10,975 while the extreme range stands at 10,800-11,000.
In the case of the Bank Nifty, the small and medium ranges lie at 27,400-27,600 and 27,300-27,700 while the extreme range stands at 27,250-27,750.
Nifty 11,000 and Bank Nifty 27,750 are most crucial levels on the higher side.
Traders are advised to reduce their positions in the case where Nifty and Bank Nifty closes below the mark of 10,875 and 27,400.
Buy and Sell strategy on Nifty
Buy Nifty with a stop loss of 10,850 and target 10,950, 10,975, 11,000.
Sell Nifty near 11,000 with a stop loss of 11,050 and target of 10,950.
Buy and Sell strategy on Bank Nifty
Buy Bank Nifty in 27,300-27,450 range with a stop loss of 27,250 and target of 27,500, 27,600, 27,700.
Sell Bank Nifty in 27700-27750 range with a stop loss of 27,800 and target of 27,600, 27,550.
The put-call ratio (PCR) stands at 1.56 and the volatility index (VIX) is 16.62.
Already in F&O Ban: Adani Power, Jet Airways
Wipro: Futures trading range 320-355. In line results. Margin better, Revenue miss, guidance weak.
Stock of the Day:
Sell L&T Futures: Stop loss 1335 and target 1295, 1280. SEBI has asked not to go ahead with buyback.
Aaj Ka Hero:
Sell South Indian Bank Futures: Stop loss 15.75 and target 14.75, 14.50. Weak results, a surprise increase in NPA is a big negative.
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