Anil Singhvi's Market Strategy August 29: Aluminium stocks are Positive; Aviation Negative

The S&P BSE Sensex on Tuesday (August 28, 2018) climbed 202.52 (0.52 per cent) points, to close at a new record high of 38,896.63. Nifty at the National Stock Exchange advanced 46.55 points (0.40 per cent), to a new peak of 11,738.50. 

Similarly, BankNifty also went up by 5.45 points (0.02 per cent) to close at 28,269.65. In secondary indices at BSE, Mid Cap saw a fall of 0.35 per cent but the Small Cap rose by 0.36per cent. 

However, strong sentiments, ‪neutral positive foreign institutional investors (FII) and domestic institutional investors (DIIs), global outlook and future and options (F&O) cues suggest that the short-term trend of the Indian market will remain positive on August 29, 2018. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 29:
Market to trade in a narrow range, trade contra the intraday trend for small profits.
Weak Rupee, Rising crude, Higher PCR 1.94 and Lower VIX at 12.42 suggest traders should be on high alert while trading in the market. 
The small trading range on Nifty lies at 11,690 -11,760 while the bigger range rests between 11,625-11,800. 
 In the case of BankNifty, the small trading range lies at 28,125-28,375 and the bigger range rests between 28,000-28,500.
Intraday support zone on Nifty and BankNifty lie at 11,690-11,710 and 28,125-28,200 respectively. 
Intraday profit booking zone on Nifty and BankNifty rests at 11,775-11,800 and 28,325-28,375 respectively. 
However, the traders are suggested to reduce their buying positions on Nifty and BankNifty if they close below the mark of 11,575 and 28,000. 

Buy & Sell Strategy on Nifty 
Buy Nifty near 11,710 with a stop loss of 11,685 and a target of 11,750-11,775.
Sell Nifty above 11,750 with a stop loss of 11,800 and a target of 11,700. 

Buy & Sell Strategy on BankNifty 
Buy BankNifty near 28,150 with a stop loss of 28,000 and a target of 28,250-28,325.  
Sell BankNifty in 28,350-28,400 range with a stop loss of 28,500 and a target of 28,250-28,150.
 
The put-call ratio (PCR) today stands at 1.94 and the volatility index (VIX) is 12.42.

Watch this Zee Business video here:

 
Sectors:
Positive: Aluminium stocks
Negative: Aviation
 
Enters F&O Ban: DHFL, IDBI, PNB
Out of F&O Ban: Hexaware, Jet Airways   
Already in Ban: Jain Irrigation
 
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