Anil Singhvi’s Strategy May 22: Market trend is Positive; Sell Tech Mahindra Futures with Stop Loss 775

Amid positive global market, neutral foreign institutional investors (FII) and futures and options (F&O), negative domestic institutional investors (DIIs), cues the short-term trend of the Indian market will be Positive on Wednesday, May 22, 2019, and sentiments are cautious. 

Earlier on Tuesday, May 21, 2019, the domestic indices came off the record highs as the two indices failed to sustain the momentum that it attained on Monday as OMCs and automobile stocks came under heavy selling pressure. 

On the day, the Sensex at the Bombay Stock Exchange (BSE) slumped 382.87 points, or 0.97 per cent, to close at 38,969.80. The Nifty at the National Stock Exchange (NSE) plunged 119.15 points, or 1.01 per cent, to 11,709.0. Similarly, Bank Nifty also lost 451.30 points, or 1.47 per cent, to settle at 30,308.40. 

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 22:  
The small and medium day range for trading on Nifty lies between 11,650-11,750 and 11,600-11,825. The bigger range stands at 11,500-11,875. 
The small and medium day range for trading on Bank Nifty lies between 30,100-30,500 and 30,000-30,750. 

For Existing Long Positions:
Nifty intraday and Closing basis stop loss 11,650. 
Bank Nifty intraday and Closing basis stop loss 30,100. 

For Existing Short Positions:
Nifty intraday and Closing basis stop loss 11,825. 
BankNifty intraday and Closing basis stop loss 30,500. 

For New Positions:
Buy Nifty with a stop loss of 11,650 and target 11,750, 11,825. 
Sell Nifty in 11,825-11,875 range with a stop loss of 11,900 and target 11,775, 11,700. 
Buy Bank Nifty near 30,100 with a stop loss of 30,000 and target 30,300, 30,500. 
Sell Bank Nifty in 30,500-30,650 range with a stop loss of 30,800 and target 30,350, 30,250. 
The put-call ratio (PCR) stands at 1.20 and the volatility index (VIX) up by 8.40% at 25.65
Enters F&O Ban: Adani Power and IDBI.
Already in Ban: Jet Airways and Reliance Capital.

Result Analysis:
Sell Tech Mahindra Futures: Stop loss 775 and target 755, 745. Slight miss on the operational front. 

Stock of the Day:
Sell JSPL Futures: Stop loss 166 and target 158, 155. Poor results on all fronts. 

Aaj Ka Hero:
Sell IDFC First Bank Futures: Stop loss 44 and target 42, 41.50. ICRA downgraded Rating to AA from AA+. 
Sell DHFL Futures: Stop loss 133 and target 124, 120. No fresh deposits can be accepted.