Anil Singhvi’s Strategy March 12: PSU Banks are Positive; Buy Jet Airways Cash with Stop Loss 81

Summary:

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Amid positive global, foreign institutional investors (FII) and sentiments, neutral futures & options (F&O) and negative domestic institutional investors (DIIs) cue the short-term trend of the Indian stock market will remain positive on Tuesday, March 12, 2019.

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Earlier on March 11, 2019, Monday, the benchmark domestic market closed with steep gains amid the positive cues from Asian markets, the announcement of general election 2019 dates on Sunday by the Election Commission of India and opinion polls prediction that the National Democratic Alliance (NDA) is likely to form the next government.

Nifty 50 surged 132.65 points, or 1.20%, to settle at 11,168.05 while Nifty Bank was up 204.85 points, or 0.74%, and closed at 27,966.65. The S&P BSE Sensex climbed 382.67 points, or 1.04%, to regain the mark of 37,000 to end at 37,054.10.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 12:
28,000 is going to be the deciding level on Bank Nifty.
The small and medium trading range on Nifty resides between 11,100-11,200 and 11,050-11,250 respectively. The extreme range stands at 11,025-11,300.
The small and medium trading range on Bank Nifty resides between 27,850-28,050 and 27,800-28,150. The extreme range stands at 27,750-28,250.

For Existing Long Positions:
Nifty Intraday stop loss 11,100 Closing stop loss 11,050.
Bank Nifty Intraday and Closing stop loss 27,750.

For Existing short positions:
Nifty and Bank Nifty Intraday and Closing all stop losses triggered

For New Positions:
Buy Nifty with a stop loss of 11,100 and target 11,200, 11,250.
Sell Nifty in 11,250-11,300 range with a stop loss of 11,325 and target 11,200.

Buy Bank Nifty with a stop loss of 27,750 and target 28,150, 28,250.

The put-call ratio (PCR) stands at 1.73 and the volatility index (VIX) is 14.90.

Sectors:
Positive: PSU Banks

Negative: Profit booking in Oil Companies

Enters F&O Ban: Reliance Infrastructure
Out of Ban: Nil
3 Already in Ban: IDBI, Reliance Power, Jet Airways

Stock of the Day
Buy Jet Airways Cash: Stop loss 245 and target 255, 260. Jet resolution plan progressing.

Aaj Ka Hero:
Sell Union Bank Futures: Stop loss 81 and target 85, 87, 92. PSU Banks looking strong.