Anil Singhvi’s Strategy March 7: Power, Oil & Gas sectors are Positive; Buy HPCL Cash with SL 243
Positive FII, neutral F&O, sentiments and global market cues indicates that Indian indices would be positive on Thursday, says Zee Business Managing Editor Anil Singhvi
Positive foreign institutional investors (FII), sentiment, neutral futures & options (F&O) and global market and negative domestic institutional investors (DIIs) cues suggest that the short-term trend of the Indian stock market will be positive on Thursday, March 7, 2019.
Earlier on Wednesday, March 6, 2019, the domestic sharemarket extended gains for the third straight session. On the day, Nifty 50 added 65.55 points (0.60%) to reclaim the 11,000 marks and settled at 11,053 while Nifty Bank was up by 71.60 points (0.26%) and closed at 27,625.65. Similarly, the S&P BSE Sensex gained 193.56 points (0.53%) to end at 36,636.10.
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— Zee Business (@ZeeBusiness) March 7, 2019
The gains were sustained by buying mainly in finance, energy and metal counters. Bharat Petroleum (up 2.84%), Bajaj Finance (up 2.63%), ICICI Bank (up 2.20%), Hindalco Industries (up 2.14%) and Vedanta (up 2.09%) were the top gainers of the day.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 7:
The small and medium trading range on Nifty lie between 11,000-11,075 and 10,950-11,100 respectively while the extreme range stands at 10,925-11,150.
In the case of the Bank Nifty, the small and medium trading ranges lie between 27,500-27,700 and 27,400-27,800 while the extreme range stands at 27,200-27,900.
Put-call ratio (PCR) stands at 1.80. Be on an alert at this higher level.
For Existing Long Positions:
Nifty Intraday stop loss (SL) 11,000 Closing stop loss 10925.
Bank Nifty Intraday stop loss 27,500 Closing stop loss 27,200.
For Existing short positions stop losses triggered.
For New Positions:
Buy Nifty near 11,000 with a stop loss of 10,925 and target 11,050, 11,075, 11,100.
Sell Nifty in 11,075-11,125 range with a stop loss of 11,150 and target 11,000.
Buy Bank Nifty in 27,400-27,500 range with a stop loss of 27,300 and target 27,650, 27,750.
Sell Bank Nifty in 27,750-27,800 range with a stop loss of 27,900 and target 27,650, 27,550.
The put-call ratio (PCR) stands at 1.80 and the volatility index (VIX) is 15.61.
Positive: Power, Oil & Gas
2 stocks in F&O Ban: Reliance Power, Wockhardt
Stock of the Day:
Buy India Glycol: Stop loss 295 and target 315, 325. Cabinet meeting today to boost Sugar sector, ethanol blending.
Sell Biocon Futures: Stop loss 631 and target 610, 590. Bengaluru unit gets 6 USFDA observations.
Aaj Ka Hero:
Buy HPCL Cash: Stop loss 243 and target 255, 258. Strong rupee and stable crude prices to benefit.