Anil Singhvi's Market Strategy October 17: Banks, NBFC, Auto are positive today
Indian stocks markets continued to trade higher and closed in the green on Tuesday, October 16, 2018. Nifty 50 went up by 72.25 points (0.69%) and closed at 10,584.75 while Nifty Bank rose by 201.60 points (0.79%) to close at 25,589.65. Similarly, S&P BSE Sensex was up by 297.38 points (0.85%) and closed at 35,162.48. M&M (4.01%) and Adani Ports (4%) were the top gainers of Nifty. South Indian Bank gained 16.67% after declaring good results yesterday.
Amid positive domestic institutional investors (DIIs), global market, future and option (F&O) sentiments and neutral foreign institutional investors (FII) cues, the short-term trend of the Indian markets is going to be positive on October 17, 2018. Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 17:
10,600 and 25,700 are going to be the deciding levels on Nifty and BankNifty respectively.
The small and bigger trading range on Nifty stands at 10,525-10,700 and 10,500-10,750 respectively.
The small trading range on BankNifty stands at 25,600-26,000 and the bigger range lies between 25,500-26,250.
Traders are advised to reduce their buying positions if Nifty and BankNifty closes below the mark of 10,475 and 25,400.
Buy Strategy on Nifty and BankNifty
Buy Nifty with a stop loss of 10,525 and target 10,700-10,750.
Buy BankNifty with a stop loss of 25,600 and target 25,900-26,000-26,200.
In F&O Ban: Adani Power, IDBI
Put-call ratio (PCR) stands at 1.24 and the volatility index (VIX) is 17.37.
Positive: Banks, NBFC, Auto
Infosys: Results good but guidance not so strong. Strictly book profit after a gap up opening.
Hero Moto: Results in line, Margins weak but stock may go up due to short covering.
Stock of the Day:
Buy Lakshmi Machine Works: Board meeting scheduled to be held on October 22, 2018, to consider the buyback proposal. Stop loss 5750 target 6000, 6200.