Anil Singhvi's Market Strategy for July 17: OMC, Paints are positive; HPCL, BPCL, IOC stocks of the day

After witnessing strong gains for two consecutive weeks, the Indian market ended sharply low on Monday. The selling pressure in metal, auto and pharma sector were one of the biggest contributors in the fall. The S&P BSE Sensex closed 217.86 points or 0.60 per cent lower at 36,323.77, while the Nifty 50 lost 82.05 points or 0.74 per cent to close at 10,936.85. Similarly, BankNiftyalso went down by 256.15 points or 0.95 per cent at 26,679.80. 

But amid neutral global, foreign institutional investors(FII), future and option (F&O) and negative domestic institutional investors (DIIs) cues, the short term domestic market trend is going to be neutral. But the traders are advised to be cautious while trading in the market on July 17, 2018. 

Global markets, weak crude and rupee value will be acting as the important triggers in the market. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for July 17:

Small trade range on Nifty stands at 19,000-11,000 and the bigger trading range lies between 10850-11025. 

In the case of BankNifty, the small trade range lies between 26,600-26,800 and the bigger range is at 26,500-26,950. 

Next support zone on Nifty and BankNifty will be at 10,850-10,900 and 26,500-26,650 respectively. 

Traders can initiate new trades on Nifty & BankNifty if they close above the mark of 11,000 and 26,900. 

The Put-call ratio (PCR) has come down to 1.62 leading to softening of the positions of weak traders. 

11,000 and 27,000 are the deciding level on Nifty and BankNifty respectively.  

Buy and Sell Strategy on Nifty 

Buy Nifty in 10875-10900 range with a stop loss of 10,850 and a target of 10,950-10,975-11,000. 

Sell Nifty in 11025-11050 range with a stop loss of 11,075 and a target of 11,000-10,975. 

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Buy and Sell Strategy on BankNifty 

Buy BankNifty in 26550-26600 range with a stop loss of 26,500 and a target of 26,800-26,925.

Sell BankNifty in 26900-27000 range with a stop loss of 27,050 and a target of 26,800. 

The put-call ratio (PCR) for July 17 stands at 1.62 and the volatility index (VIX) is 12.95.

Positive: OMC, Paints

No fresh entry or exit in Ban

Already in Ban: Jet Air

Stock of the Day: Buy HPCL, BPCL, IOC