Anil Singhvi’s Strategy May 24: Market Trend is Positive; Buy HPCL Futures with Stop Loss 285

Amid neutral global market, foreign institutional investors (FII) and futures and options (F&O) and negative domestic institutional investors (DIIs), cues the short-term trend of the Indian market will be positive on Friday, May 24, 2019, but sentiments are cautious. Earlier on Thursday, May 23, 2019, the domestic stock market ended lower after touching the first time ever morning trade highs. The Sensex closed 298.82, or 0.76 per cent, lower at 38,811.39 after touching the highs of 40,124.96. The Nifty ended 80.85 points, or 0.69 per cent down to end at 11,657.05 after touching a record of 12,041.15. The Bank Nifty was 117.70 points, 0.39 per cent, down to settle at 30,409.10. Prime Minister Narendra Modi-led NDA’s overwhelming victory catapulted the early-highs in the market, but as the day progressed, the investors went cashed in on the rally leading the indices to close in red. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 24:  

11,700 and 30,500 are going to be the deciding levels on Nifty and Bank Nifty respectively. 

The small and medium day range for trading on Nifty lies between 11,600-11,725 and 11,500-11,825. 

The small and medium day range for trading on Bank Nifty lies between 30,250-30,750 and 30,100-30,900. 

The put-call ratio (PCR) stands at 1.13 markets light and the volatility index (VIX) down by 30 per cent to 19.40. 

For Existing Long Positions:

Nifty intraday and Closing basis stop loss 11,600. 

Bank Nifty intraday and Closing basis stop loss 30,100. 

For Existing Short Positions:

Nifty intraday and Closing basis stop loss 11,750. 

Bank Nifty intraday and Closing basis stop loss 30,750. 

For New Positions:

Buy Nifty with a stop loss of 11,575 and target 11,700, 11,775, 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 with a stop loss of 30,250 and target 30,650, 30,750, 30,900. 

Sell Bank Nifty in 30,750-30,900 range with a stop loss of 31,000 and target 30,650, 30,500, 30,400. 

Enters F&O Ban: Reliance Capital. 

Already in Ban: Adani Power, IDBI

Stock of the Day:

Buy HPCL Futures: Stop loss 285 and target 295, 297. Sharp 6 per cent fall in Crude prices. 

Aaj Ka Hero:

Sell Jet Airways Cash: Stop loss 155 and target 145, 140, 135, 125. No result of Hinduja – Etihad meeting.