Anil Singhvi’s Strategy January 30: Metal & Auto sectors are negative; HCL tech & Yes Bank are Stock of the Day

The Indian domestic market closed remained flat on Tuesday, January 29, 2019, after swinging in both directions across the day. Nifty 50 lost 9.35 points (0.09%) to close at 10,652.20 while Nifty Bank went down 79.65 points (-0.30%) to end at 26,573.40. Similarly, S&P BSE Sensex ended at 35,592.50 after declining by 64.20 points (0.18%).

Negative global market, sentiments and foreign institutional investors (FII) and neutral future and option (F&O) and domestic institutional investors (DIIs) cues suggest that the short-term trend of the Indian market will be negative on Wednesday, January 30, 2019.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for January 30:
Small and medium trading range in Nifty lies between 10,600-10,700 and 10,550-10,750 while extreme range stands at 10,500-10,800.

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The small and medium trading range on Bank Nifty lies between 26,450-26,650 and 26,300-26,800 while the extreme range resides at the mark of 26,150-26,900.

Next important intraday support level on the two indices, Nifty and Bank Nifty, lies between 10,550-10,575 and 26,400-26,450.

Reduce short positions only if Nifty and Bank Nifty will close above the mark of 10,750 and 27,000.

Buy and Sell Strategy on Nifty
Sell Nifty in 10700-10750 range with a stop loss of 10,800 and target 10,650, 10,600.
Buy Nifty in 10525-10575 range with a stop loss of 10,500 and target 10,600, 10,650.

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Sell Strategy on Bank Nifty
Sell Bank Nifty in 26,650-26,750 range with a stop loss of 26,900 and target 26,500, 26,450, 26,250.

The put-call ratio (PCR) stands at 1.22 and the volatility index (VIX) is 18.76.

Enters F&O Ban: BOI, DHFL

Out of Ban: Nil

3 Already in Ban: Adani Power, Adani Enterprises, Jain Irrigation

Sectors:
Positive: IT
Negative: Metals, Auto

Result Analysis:
Axis Bank: Strong results as expected. Profit booking possible at higher levels. Futures range 640 to 680.

Stock of the Day:
Buy HCL Tech Futures: Stop loss 965 and target 1000, 1015. Strong results, Guidance stable, reasonable valuations. Book profit at higher levels.

Buy Yes Bank Futures: Stop loss 198 and target 205, 210. The settlement between promoters is positive.

Aaj Ka Hero:
Buy Granules: Stop loss 87 and target 91, 93. Strong results and good operational performance.