Anil Singhvi’s Strategy June 3: Market Trend is Positive; Sell Tata Motors Futures with Stop Loss 175
In the wake of trade war concerns and weak monthly sales numbers, Zee Business Managing Editor Anil Singhvi advises investors to sell Tata Motors Futures for 167 target maintaining stop loss at 175.
Amid positive foreign institutional investors (FII), neutral domestic institutional investors (DIIs), futures and options (F&O) and global market cues, the short-term trend of the domestic Indian market will remain positive on Monday, June 3, 2019, but sentiments are cautious.
Earlier on Friday, May 31, 2019, the domestic stock saw a bear grip. BSE Sensex ended 117 points lower at 39,714.20, while NSE's Nifty was down 23.10 points at 11,922.8 points.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 3:
11,900 and 31,300 are going to be the deciding levels in Nifty and Bank Nifty.
The small and medium day range for trading on Nifty lies between the mark of 11,900-11,960 and 11,850-12,000, respectively. The bigger range stands at 11,825-12,050.
The small and medium day range for trading on Bank Nifty lies between the mark of 31,250-31,500 and 31,150-31,600, respectively. The bigger range stands at 31,000-31,700.
Strong support zone on the two indices, Nifty and Bank Nifty lies between 11,800-11,850 and 30,600-30,800, respectively.
For Existing Long Positions:
Nifty intraday and closing basis stop loss 11,825.
Bank Nifty intraday stop loss is 31,150 and closing basis stop loss 31,300.
For Existing Short Positions:
Nifty intraday and closing basis stop loss 12,050.
Bank Nifty intraday stop loss is 31,550 and closing basis with a stop loss of 31,650.
For New Positions:
Buy Nifty in 11,825-11,850 range with a stop loss of 11,800 and target 11,925, 11,950.
Sell Nifty near 12,000 with a stop loss of 12,050 and target 11,950, 11925.
Buy Bank Nifty in 31,150-31,250 range with a stop loss of 31,000 and target 31,400; 31,550; 31,650.
Sell Bank Nifty in 31,550-31,650 range with a stop loss of 31,800 and target 31,375; 31,250 and 31,150.
In F&O Ban: No stock in F&O Ban
The put-call ratio (PCR) stands at 1.43 and the volatility index (VIX) down by 15% to 16.07.
Stock of the Day:
Sell Eicher: Stop loss 20,150 and target 19500, 19000. Monthly sales down by 19%.
Aaj Ka Hero:
Sell Tata Motors Futures: Stop loss 175 and target 167. Trade war concerns and weak monthly sales numbers.