Anil Singhvi’s Strategy May 28: Market Trend & Sentiment are Positive; Buy Indigo Futures with Stop Loss 1650

Amid neutral domestic institutional investors (DIIs), foreign institutional investors (FII) and futures and options (F&O), negative global market cues, the short-term trend and sentiments of the domestic Indian market will be positive on Tuesday, May 28, 2019.

Earlier on Monday, May 27, 2019, the domestic equity benchmarks BSE Sensex and NSE Nifty closed at another record highs as investors continued to cheer the decisive mandate for the Narendra Modi led NDA in the national elections. On the day, the 30-share Sensex gained 248.57 points, or 0.63 per cent, and closed at 39,683.29. The broader NSE Nifty jumped 80.65 points, or 0.68 per cent, to settle at 11,924.75. Likewise, Bank Nifty went up 435.10 points, or 1.39 per cent, to 31,647.65. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 28:  
11,900 and 31,500 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 the mark of 11,900-11,950 and 11,850-12,000. The bigger range stands at 11,800-12,050. 
The small and medium day range for trading on Bank Nifty lies between the mark of 31,500-31,850 and 31,200-32,000. 
Strong support zone on the two indices, Nifty and Bank Nifty, stands in the range of 11,800-11,850 and 31,150-31,250 respectively. 

For Existing Long Positions:
Nifty intraday and closing basis stop loss 11,825.
Bank Nifty intraday and closing basis stop loss 31,150.

For Existing Short Positions:
Nifty intraday and closing basis stop loss 12,000. 
Bank Nifty intraday and closing basis stop loss 31,700. 

For New Positions:
Buy Nifty in 11850-11900 range with a stop loss of 11,800 and target 11,950, 12,000, 12,050. 
Sell Nifty near 12,000 with a stop loss of 12,050 and target 11,950, 11,925. 
Buy Bank Nifty near 31,500 with a stop loss of 31,250 and target 31,700, 31,900. 
Sell Bank Nifty in 31,900-32,000 range with a stop loss of 32,050 and target 31,750. 
Enters F&O Ban: PC Jewellers
Already in Ban: Adani Power, IDBI
The put-call ratio (PCR) stands at 1.27 and the volatility index (VIX) is 16.19.

Stock of the Day:
Buy Indigo Futures: Stop loss 1650 and target 1700, 1720. Strong operational performance. 

Aaj Ka Hero:
Sell Oil India Futures: Stop loss 188 and target 182, 178. Results below expectations on all fronts.