Anil Singhvi’s Strategy October 7: Market Trend is Neutral; Buy Yes Bank Futures with Stop Loss 41.50
On account of positive DIIs, neutral F&O and negative FIIs, the short-term trend of Indian share market will be neutral, says Zee Business Managing Editor Anil Singhvi.
Amid positive domestic institutional investors (DIIs), neutral global markets, futures and options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of Indian share market will be neutral Monday, October 7, 2019, while sentiment will continue to be cautious.
The key barometers declined for the fifth consecutive session on Friday, October 4, 2019. Sensex fell 433.56 points or 1.14 per cent to close below 38,000-mark at 37,673.31. The Nifty also declined 139.25 points or 1.23 per cent to 11,174.75. In the past five sessions, the Sensex tumbled 3.40% and the Nifty fell 3.29%. Market sentiment was dented after the Reserve Bank of India (RBI) cut its FY20 GDP growth rate forecast sharply to 6.1% from 6.9%.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 7:
STRONG BUY zone on Nifty and Bank Nifty 11,075-11,175 and 27,000-27,500 respectively.
Higher zone on the two indices, Nifty and Bank Nifty, stands at 11,325-11,375 and 28,250-28,400
11,200 and 28,000 are the deciding levels on Nifty and Bank Nifty respectively.
The small day range for trading on Nifty stands at 11,150-11,250 while the medium and bigger ranges lie between 11,075-11,325 and 11,000-11,375.
The small day range for trading on Bank Nifty stands at 27,650-28,050 while the medium and bigger ranges lie between 27,500-28,250 and 27,000-28,400.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,075.
Bank Nifty intraday and closing stop loss 27,500.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,325
Bank Nifty intraday and closing stop loss 28,100.
For New Positions:
Buy Nifty with the stop loss of 11,075 and target 11,250, 11,300, 11,350.
Sell Nifty near 11,300 range with the stop loss of 11,400 and target 11,250, 11,200.
Buy Bank Nifty with the stop loss of 2,7500 and target 27,950, 28,050, 28,250.
Sell Bank Nifty in 28,200-28,400 range with the stop loss of 28,500 and target 28,100, 27,750.
The put-call ratio (PCR) is at 0.97 and the volatility index (VIX) is 17.58.
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