Anil Singhvi's Market Strategy August 21: IT, Pharma are positive; Apollo Tyres Futures is stock of the day
Indian equity markets continued their bull run for the second straight session on Monday, helping both benchmark Sensex and Nifty hit new closing highs on hectic buying mainly in capital goods, metal and auto shares amid positive leads from global markets.
Indian equity markets continued their bull run for the second straight session on Monday, helping both benchmark Sensex and Nifty hit new closing highs on hectic buying mainly in capital goods, metal and auto shares amid positive leads from global markets. The rupee also appreciated 33 paise from its previous session's lifetime low to close at 69 rupees 82 paise against the US dollar.
S&P BSE Sensex climbed 0.87 per cent or 330.87 points at 38,278.75. The Nifty 50 also gained 0.71 per cent or 81 points to 11,551.75 while the Nifty Bank went up by 0.52 per cent or 145.70 points to close at 28,274.25. In secondary indices at BSE, Mid Cap gained 1.05 per cent while Small Cap was up by 0.14 per cent.
However, positive global, future and options (F&O) sentiments, neutral domestic institutional investors (DIIs) and foreign institutional investors (FII) cues hint that the short-term trend of the Indian market will be positive on August 21, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 21:
Markets to trade in a small range, trade contra the trend for small profits on Nifty and BankNifty.
Small trade range on Nifty lies between 11,500 -11,575 and the bigger range stands at 11,475-11,600.
In the case of BankNifty, the small trading range stands at 28,175-28,325 while the bigger range lies between 28,050-28,500.
Traders are advised to lower their buying positions in the two indices if Nifty and BankNifty closes below the mark of 11,375 and 28,000 respectively.
Strong support zone on Nifty and BankNifty lies at 11,475-11,500 and 28,125-28,175 respectively.
Buy and Sell Strategy on Nifty
Buy Nifty near 11,500 with a stop loss of 11,475 and a target of 11,550-11,600.
Sell Nifty near 11,600 with a stop loss of 11,625 and a target of 11,550.
Watch this Zee Business video here:
Buy and Sell Strategy on BankNifty
Buy BankNifty in the range of 28,125-28,175 with a stop loss of 28,000 and a target of 28,200-28,325.
Sell BankNifty in the range of 28,325-28,375 with the stop loss of 28,500 and a target of 28,175.
The put-call ratio (PCR) today stands at 1.73 and the volatility index (VIX) is 13.03.
Positive: IT, Pharma
Enters F&O Ban: Nil
Out of F&O Ban: Adani Enterprises, Jet Airways
3 Already in Ban: Adani Power, Jain Irrigation, Raymonds
Stock of the Day: Sell Apollo Tyres Futures with a stop loss of 267 and a target of 255-250