Anil Singhvis Market Strategy June 20: Short term trend of the market will be neutral today
Anil Singhvi suggests that traders should reduce their buying positions on Nifty and BankNifty if they close below the mark of 10,700 and 26,150 respectively.
On Tuesday, June 20, 2018, the Indian share markets opened flat and ended the day in the red. The S&P BSE SENSEX ended down by 261.52 points (0.74%) to close at 35,286.74. While Nifty 50 and NiftyBank went down by 89.40 points (0.83%) and 143.55 points (0.54%) to close at 10,710.45 and 26,265.75 respectively.
However, the positive trend from domestic institutional investors (DIIs), neutral Futures and Options (F&O) and negative global outlook and foreign institutional investors (FII), hints that the short term trend of the Indian market will remain neutral on June 20.
But the traders are advised to be cautious while trading in the market today. In addition, keep an eye on the Asian market as well as the political developments in India. Also, keep positions light at higher levels.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 20:
10,700 is going to be the deciding level on Nifty; while 26,200 and 26,300 will be working as the deciding levels on BankNifty.
Small trade range on Nifty is going to be between 10,650-10,750, while 10,625-10,800 will be the bigger trade range.
In case of BankNifty, the small trade range stands at 26,150-26,350 while 26,000-26,500 will be treated as the bigger range.
10,775-10,800 and 26,450-26,500 are going to be profit booking zone at Nifty and BankNifty respectively.
Anil Singhvi suggests that traders should reduce their buying positions on Nifty and BankNifty if they close below the mark of 10,700 and 26,150 respectively.
If Nifty and BankNifty close above the mark of 10,800 and 26,500 than traders can start new trades in the market.
Buy and Sell Strategy at Nifty
Sell Nifty in the range of 10,750-10,775 with a stop loss of 10,800 and target of 10,700-10,650.
Buy Nifty with a stop loss of 10,650 and target of 10750-10775.
Buy and Sell Strategy at BankNifty
Sell BankNifty in the range of 26,350-26,450 with a stop loss of 26,500 and target of 26,250-26,150.
Buy BankNifty with the stop loss of 26,150 and target of 26,350-26,450.
The put-call ratio (PCR) for June 20 stands at 1.47 and volatility index (VIX) is 12.92.
Enters F&O Ban: Nil
Out of Ban: Just Dial
3 Already In Ban: Dewan Housing Finance Corporation Limited (DHFL), Jet Airways and Infibeam.
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