Anil Singhvi's Market Strategy October 1: Market Sentiment is Negative; Bandhan Bank is the stock of the day

Anil Singhvi's Market Strategy October 1: Sliding for the third consecutive day, the domestic stock markets closed in the red on Friday, September 28, 2018. Reversing the early gains, the S&P BSE Sensex closed with a modest loss of 97.03 points or 0.27 per cent to end at 36,227.14 on a day marked by volatile trade. Similarly, the Nifty 50 at the National Stock Exchange noticed a fall of 47.10 points or 0.43 per cent to close at 10,930.45 while BankNifty was the stock that closed with a gain of 77.07 points or 0.31 per cent to end at 25,119.85. 

In the broader market, the BSE Mid Cap dropped 1.61 per cent and Small Cap index plunged 3.41 per cent.

Amid positive domestic institutional investors (DIIs), neutral global market, future and option (F&O), foreign institutional investors (FII) and negative sentiment cues, the short-term trend of the Indian market will continue to be in the negative zone on October 1, 2018. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 1: 
11,000 and 25,000 are going to be the deciding levels on Nifty and BankNifty. 

The small trade on Nifty stands at 10,850-11,000  while the bigger range lies between 10,750-11,150.  

In the case of BankNifty, the small and bigger trade range lies between the marks of 24,900-25,350 and 24,700-25,450 respectively. 

Support range on the two indices, Nifty and BankNifty, stands at 10,850-10,875 and 24,900-25,050 respectively. 

The selling zone for today on the two indices lies between 11,050-11,150 and 25,350-25,450.  

Traders can increase their buying positions on Nifty and BankNifty if the two indices close above the mark of 11,100 and 25,400. 
 
Buy and Sell Strategy on Nifty
Buy Nifty with a stop loss of 10,850 and target of 11,000-11,050-11,100. 

Sell Nifty in the range of 11075-11100 with the stop loss of 11,150 and target of 11,050-11,000. 

Buy and Sell Strategy on BankNifty
Buy BankNifty with a stop loss of 24,900 and target of 25,200-25,350-25,400. 

Sell BankNifty in 25,300-25,400 range with a stop loss of 25,500 and target 25,200. 

The put-call ratio (PCR) stands at 1.33 and the volatility index (VIX) is 17. 
 
Sectors: 
Negative: Private Banks

Stock of the Day:
Sell Bandhan Bank: Stop loss 530 and target 520, 500, 485, 460.

Reserve Bank of India's (RBI's) withdrawal of the general permission given to Bandhan Bank to open new branches without a prior approval of the central bank will create a negative sentiment against the bank. 

Sell Kotak Mahindra Bank Cash: Stop loss 1150 target 1115, 1100, 1080