Anil Singhvis Market Strategy June 29: Sentiment cautious; Banks, Metals and IT are positive
Amid positive trends from domestic institutional investors (DIIs), neutral foreign institutional investors (FII), futures and options (F&O) and Global outlook cues, the short term trend of the Indian markets are going to be neutral on June 29, 2018. But the traders are advised to be cautious while trading in the market today.
The Indian benchmark indices declined sharply on the day of the expiry of June series on Thursday, June 28, 2018, the Nifty 50 declined by 82.30 points (0.77%) to close at 10,589.10. While BankNifty went down by 98.80 points (0.37%) to close at 26,324.60.
Amid positive trends from domestic institutional investors (DIIs), neutral foreign institutional investors (FII), futures and options (F&O) and Global outlook cues, the short term trend of the Indian markets are going to be neutral on June 29, 2018. But the traders are advised to be cautious while trading in the market today.
However, Asian markets, crude prices, rupee value and new series will be acting as the major factors in the market. On the other hand, weak traders reduced their positions at expiry and markets are lighter now and ready to recover. Short covering is expected due to the availability of huge discounts at the start of the series at Nifty and BankNifty.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 29:
10,600 and 26,300 are going to be the deciding level on Nifty and BankNifty.
Small trade range on Nifty lies between 10,550-10,650 and the bigger range is between 10500-10700.
In case of BankNifty, the small trade range lies between 26,250-26,500 and the bigger trade range will be at 26,150-26,650.
Next support zone on Nifty and BankNifty will be at 10,550 and 26,200, respectively.
Buy and Sell Strategy at Nifty
Buy Nifty with a stop loss of 10,550 with a target of 10,600-10,625-10,650.
Sell Nifty above 10,650 with the stop loss of 10,700 and a target of 10,600.
Buy and Sell Strategy at BankNifty
Buy BankNifty with a stop loss of 26,200 and a target of 26,400-26,500-26,600.
Sell BankNifty in the range of 26,500-26,600 with a stop loss of 26,650 with a target of 26,400.
The put-call ratio (PCR) for today stands at 1.43 and volatility index (VIX) is 13.95.
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Positive: Banks, Metals, IT
Enters F&O Ban: Nil
Out of Ban at the start of the series: Dewan Housing Finance Corporation Limited (DHFL), Infibeam, JP Associates, Wockhardt, Jain Irrigation
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