Anil Singhvi’s Strategy May 9: Market Sentiment is Negative; Buy Titan Futures with Stop Loss 1090
On neutral DIIs, global markets, F&O and negative FII, the short-term trend of the Indian market will continue to be negative, says Zee Business Managing Editor Anil Singhvi.
Amid neutral Domestic Institutional Investors (DIIs), global market, Futures and Options (F&O), and negative foreign institutional investors (FII) and sentiment cues, the short-term trend of the Indian market will continue to be negative on Thursday, May 9, 2019.
Tracking weakness in the global market amid renewed trade uncertainties between the world’s two largest economies, the US and China, the Indian equities slumped to a two-month low on Wednesday, May 8, 2019. In fact, the Sensex and Nifty extended losses for the sixth straight trading session and lost more than 1 per cent. The BSE Sensex ended below 38,000-mark at 37,789.13 after losing 487.50 points (1.27%). The Nifty 50 fell 138.45 points (1.20%) to close at 11,359.45 and Bank Nifty slipped 293.80 points (1.00%) to end at 28,994.40.
See Anil Singhvi's tweet below:
— Zee Business (@ZeeBusiness) May 9, 2019
Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 9:
11,400 and 29,000 are going to be the deciding levels on Nifty and Bank Nifty respectively.
PCR at 1.04, the position of weak traders have reduced.
The small day range for trading on Nifty stands in the range of 11,300-11,400.
For Intraday no strength till Nifty trades above 11400.
Below 11,500 Nifty is weak only and no buy signal.
The small day range for trading on Bank Nifty stands at 28,800-29,250 while the medium range stands at 28,500-29,500.
For Intraday no strength till Bank Nifty trades above 29,250.
Below 29,500 Bank Nifty is weak only and no buy signal.
For Existing Long Positions:
Nifty and Bank Nifty intraday and Closing all stop loss triggered.
For Existing Short Positions:
Nifty Intraday stop loss 11,400 and Closing stop loss 11,500.
Bank Nifty Intraday stop loss 29,300 and Closing stop loss 29,550.
For New Positions:
Sell Nifty with a stop loss of 11,400 and target 11,300.
Sell Bank Nifty with a stop loss of 29,300 and target 28,800, 28,550.
The put-call ratio (PCR) stands at 1.04 and the volatility index (VIX) is 26.36.
In F&O Ban: Jet Airways.
Stock of the Day:
Buy Titan Futures: Stop loss 1090 and target 1120, 1135. Operational results in line, short covering expected.
Aaj Ka Hero:
Sell Tata Communication Futures: Stop loss 565 and target 545, 535. Weak operational results.
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