Anil Singhvi’s Strategy May 15: Market Trend is Negative; Buy Nestle Futures with Stop loss 10,100
Positive Domestic Institutional Investors (DIIs), neutral global market and futures and options (F&O), negative foreign institutional investors (FII) and cautious sentiment cues suggest that the short-term trend of the Indian market will be negative on Wednesday.
Positive Domestic Institutional Investors (DIIs), neutral global market and futures and options (F&O), negative foreign institutional investors (FII) and cautious sentiment cues suggest that the short-term trend of the Indian market will be negative on Wednesday, May 15, 2019.
Snapping the nine-day losing trend on Tuesday, May 14, 2019, the domestic stocks market ended with modest gains. The barometer index, BSE Sensex rose 227.71 points or 0.61 per cent to 37,318.53. The Nifty 50 index was 73.85 points or 0.66 per cent up from the previous session and closed at 11,222.05. The Bank Nifty gained 169.25 points or 0.59 per cent and settled at 28,829.20.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 15:
The small and medium day range for trading on Nifty lies between 11,150-11,300 and 11,100-11,360.
The small and medium day range for trading on Bank Nifty lies between 28,600-29,050 and 28,500-29,200.
The trend will remain weak with no buy signal till the two indices, Nifty and Bank Nifty, remains trading below 11,360 and 29,050 levels respectively.
Next support range on the two indices stands at 11,100-11,150 and 28,500-28,600.
For Existing Long Positions:
Nifty intraday and Closing basis stop loss 11,150.
Bank Nifty intraday and Closing basis stop loss 28,600.
For Existing Short Positions:
Nifty Intraday stop loss 11,300 and Closing stop loss 11,360.
Bank Nifty Intraday and Closing stop loss 29,050.
For New Positions:
Buy Nifty near 11,150 with a stop loss of 11,100 and target 11,225, 11,250, 11,300.
Sell Nifty in 11,300-11,350 range with a stop loss of 11,400 and target 11,250, 11,225,
Buy Bank Nifty in 28,550-28,650 range with a stop loss of 28,500 and target 28,800, 28,900.
Sell Bank Nifty near 29,050 with a stop loss of 29,200 and target 28,900, 28,800.
The put-call ratio (PCR) stands at 1.28 and the volatility index (VIX) is 27.13.
In F&O Ban: Nil.
Pidilite Futures: Range 1080-1100 support zone, 1150 higher level. Stock may see short covering after a gap down opening. Weak operational results, Volume growth 2.5% is very bad.
Stock of the Day:
Sell Union Bank Futures: Stop loss 80 and target 76, 74, 70. Horrible results, big 3,300 crore loss. Huge divergence with RBI of around 2280 crore.
Sell Jet Air Cash: Stop loss 135 and target 120, 115. CEO also resigns.
Aaj Ka Hero:
Buy Nestle Futures: Stop loss 10,100 and target 10,450, 10,550. Results in line, short covering expected.