Anil Singhvi's Market Strategy June 11: Market trend to be positive; Short IDBI Bank
Nifty and NiftyBank on June 8, Friday, closed slightly low by 0.70 points (-0.01%) at 10,767.65 and 66.45 points (-0.25%) at 26,451.35 respectively.
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10:24 AM IST
Nifty and NiftyBank on June 8, Friday, closed slightly low by 0.70 points (-0.01%) at 10,767.65 and 66.45 points (-0.25%) at 26,451.35 respectively. However, amid positive Domestic Institutional Investors (DIIs), Future and Options (F&O) sentiments, neutral global outlook and foreign institutional investors (FII) cues, it seems that the domestic Indian market trend today, on June 11, 2018, is set to be positive.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 11:
10,700-10825 is going to be the small trading range on Nifty, while 10700-10850 will be the bigger range for trade.
26,500 is going to be the deciding levels in BankNifty.
26,350-26,650 will be the small trading range at BankNifty, while 26,250-26,750 is the bigger range.
For today, the next strong support zones in Nifty and BankNifty stands at 10,700-10,725 and 26,250-26,350 respectively.
Anil Singhvi suggests, to the traders, that they reduce their buying positions on Nifty and BankNifty if it closes below the mark of 10,675 and 26,350 respectively.
If Nifty goes above the mark of 10,775 then it can be treated as a positive sign of the market.
Buy and Sell strategy for Nifty
Buy Nifty with a stop loss at 10,700 and target of 10,800-10,825-10,850
Sell Nifty above 10,825 with a stop loss of 10,850 and target of 10,800-10,775
Watch this Zee Business video here:
Buy and Sell Strategy for BankNifty
Buy BankNifty near 26300 with a stop loss at 26,250 and Target of 26,450-26,500
Sell BankNifty with a stop loss of 26,650 and target of 26,350-26,300
The put-call ratio (PCR) for June 11 stands at 1.49 and volatility index (VIX) is 12.70.
Pharma sector is going to be positive and traders can plan a positional trade in the sector.
PSU Banks is set to be negative today and investors are advised not to get involved in the positional trade in these sectors.
Enters F&O Ban: Jet Airways
2 Already In Ban list: Dewan Housing Finance Corporation Limited (DHFL) and Balrampur Chini.
Stock of the day: Short IDBI Bank
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