Anil Singhvis Market Strategy August 1: Buy paper stocks; JK Paper, Hutumaki PPL to rise 5%
Indian stock markets closed in green on Tuesday. BSE Sensex closed 112.18 points or 0.42 per cent higher to close at 37,606.58 and the Nifty 50 went up by 36.95 points or 0.33 per cent to end up by 11,356.50.
Indian stock markets closed in green on Tuesday. BSE Sensex closed 112.18 points or 0.42 per cent higher to close at 37,606.58 and the Nifty 50 went up by 36.95 points or 0.33 per cent to end up by 11,356.50.
However, positive global outlook, foreign institutional investors (FII) sentiments, neutral future and options (F&O) and domestic institutional investors (DIIs) suggests that the short-term domestic market trend is going to be positive on Wednesday, August 1, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 1:
11,300 and 27,800 are going to be the deciding level on Nifty and BankNifty respectively.
Small trade range on Nifty stands at 11,300-11,400 while 11,250-11,450 will be the bigger trade range.
In the case of BankNifty, the small trade range stands at 27,600-27,850 while 27,400-28,000 will be the bigger range for trading.
11,250 and 27,600 should be considered as the first signal of fall on Nifty and BankNifty.
Important support zone on Nifty and BankNifty lies at 11,250-11,275 and 27,400-27,500 respectively.
Anil Singhvi suggests that traders should reduce their buying positions on Nifty and BankNifty if they close below the mark of 11,250 and 27,600 respectively. However, the traders should end their positions if Nifty and BankNifty close below the mark of 11,125 and 27,400.
Buy and Sell strategy on Nifty
Buy Nifty with a stop loss of 11,300 and a target of 11,400-11,425.
Sell Nifty above 11,400 with a stop loss of 11,450 and a target of 11,350-11,325.
Buy and Sell strategy on BankNifty
Buy BankNifty with a stop loss of 27,600 and a target of 27,850.
Sell BankNifty near 27,850 with a stop loss of 27,900 and a target of 27,700-27,650.
The put-call ratio (PCR) for August 1 stands at 1.73 and the volatility index (VIX) is 12.48.
Sectors:
Positive: Paper
Negative: Auto
No stock in F&O Ban today
Result Analysis:
Tata Motors: Big disappointment on every front. Target 245-240, but valuations attractive near 230.
GSFC: Strong operation performance, Target 120-122. Book profit on gap up
Mahanagar Gas: Strong operation performance, Target 930-940
Stock of the Day: Buy Paper stocks. JK Paper and Hutumaki PPL to go up by at least 5% on strong results
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.