Anil Singhvi’s Strategy May 6: Metals, Auto, Banks and NBFC are Negative; Sell LIC Housing Futures with Stop Loss 491

Amid neutral foreign institutional investors (FII), Futures and Options (F&O), Domestic Institutional Investors (DIIs) and negative global market cues, the short-term trend of the Indian market will remain positive on Monday, May 6, 2019, and sentiment is cautious.  

Earlier, the market benchmarks surrendered early gains to end with modest losses on Friday, May 3, 2019. The S&P BSE Sensex fell 18.17 points, 0.05%, to close at 38,963.26. The Nifty 50 also slipped 12.50 points, 0.11%, to settle at 11,712.25 and Bank Nifty went down by 245.55 points, 0.83%, to 29,954.15. However, the rupee at the forex market appreciated 14 paise to Rs69.22 against the US dollar. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 6: 
11,700 and 30,000 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 11,650-11,725 and 11,600-11,750. The bigger range stands between 11,550-11,800. 
The small and medium day range for trading on Bank Nifty lies between the mark of 29,800-30,050 and 29,650-30,100. The bigger range stands between 29,550-30,150. 
Strong support zone for trading on the two indices, Nifty and Bank Nifty, lies between 11,550-11,575 and 29,450-29,550. 

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VIX at 24, volatility will increase. 
For Existing Long Positions:
Nifty intraday stop loss 11,640 and Closing stop loss 11,700. 
Bank Nifty intraday 29,800 and Closing stop loss 29,700. 

For Existing Short Positions:
Nifty intraday stop loss 11,800 and Closing stop loss 11,750. 
Bank Nifty intraday stop loss 30,150 and Closing stop loss 30,050. 

For New Positions:
Sell Nifty with a stop loss of 11,800 and target 11,650, 11,625, 11,575. 
Buy Nifty in 11575-11600 range with a stop loss of 11,550 and target 11,650, 11,700.  
Sell Bank Nifty with a stop loss of 30,150 and target 29,800, 29,650, 29,550. 
Buy Bank Nifty in 29,450-29,550 range with a stop loss of 29,400 and target 29,650, 29,750. 
The put-call ratio (PCR) stands at 1.49 and the volatility index (VIX) is 24.03.
In F&O Ban: Jet Airways.
 

Sectors:
Negative: Metals, Auto, Banks, NBFC
Result Analysis:
Sell LIC Housing Futures: Stop loss 491 and target 475, 470. Weak results, poor asset quality. 
Buy Federal Bank Futures: Stop loss 94 and target 100, 102. Strong results, Improvement in asset quality. 

Stock of the Day:
Sell Cadila Futures: Stop loss 305 and target 290, 285. Muraiya plant gets 14 observations from USFDA
Sell Tata Motors Futures: Stop loss 215 and target 205, 202. 

Aaj Ka Hero:
Sell Infibeam Futures: Stop loss 45 and target40, 35. The company removes its auditor. 
Sell Hindalco Futures: Stop loss 208 and target 202, 200.