Anil Singhvi’s Strategy September 23: Hotels, Cement & PSU Sectors are Postive; Buy Petronet LNG Futures with Stop Loss 260
Amid positive domestic institutional investors (DIIs), foreign institutional investors (FIIs) and sentiment, neutral global market and futures and options (F&O) cues, the short-term trend of the domestic Indian share market are going to be positive on Monday, September 23, 2019.
Amid positive domestic institutional investors (DIIs), foreign institutional investors (FIIs) and sentiment, neutral global market and futures and options (F&O) cues, the short-term trend of the domestic Indian share market are going to be positive on Monday, September 23, 2019. Earlier on Friday, September 20, 2019, the central government's announcement to cut the corporate tax rate to boost the economy helped the domestic markets to take a leap jump and close in green. On the day, the Sensex at the Bombay Stock Exchange (BSE) surged 1,921.15 points, or 5.32%, to end at 38,014.62. The Nifty at National Stock Exchange (NSE) had gained 569.40 points, or 5.32%, to close at 11,274.20. The Nifty closed above 11,200 level for the first time since 26 July 2019. Similarly, the Bank Nifty index jumped 2,223.90 points, or 8.31%, and settled at 28,981.55. The rally was led by banks and auto stocks.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 23:
11,300 and 29,000 are going to be the deciding levels on Nifty and Bank Nifty respectively.
Important support zone on Nifty and Bank Nifty lies between the mark of 11,075-11,175 and 28,500-28,650.
Higher zone on the two indices, Nifty and Bank Nifty, lies between 11,500-11,750 and 30,000-30,500.
Small day range of trading on Nifty stands at 11,200-11,375 while the medium-range resides at 11,075-11,450.
The small and medium day range for trading on Bank Nifty lies between 28,750-29,350 and 28,650-29,500. The bigger range stands at 28,500-29,650.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,175.
BankNifty intraday and closing stop loss 28,400.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,400.
BankNifty intraday and closing stop loss 29,500.
For New Positions:
Buy Nifty with a stop loss of 11,175 and target 11,375, 11,450, 11,475.
Sell Nifty in 11,475-11,500 range with a stop loss of 11,550 and target 11,400, 11,375.
Buy Bank Nifty with a stop loss of 28,400 and target 29,350, 29,450, 29,650.
Sell Bank Nifty in 29,500-29,650 range with a stop loss of 29,700 and target 29,400, 29,250.
Positive: Hotels, Cement, PSU
No stock in F&O Ban
The put-call ratio (PCR) is at 1.39 and the volatility index (VIX) is 15.40.
Stocks of the Day:
Buy Petronet LNG Futures: Stop loss 260 and target 278, 285. Company to invest Rs. 18,000 crore in US-based Tellurian.
Sell Tata Global Futures: Stop loss 270 and target 258, 252. GST increased to 28% and 12% compensation tax on caffeinated drinks.
Aaj Ka Hero:
Sell Reliance Capital Futures: Stop loss 32 and target 29.50, 28.50, 27. CARE Ratings has downgraded the company's rating to D.
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