Anil Singhvi's Market Strategy October 29: Private Banks & Textiles are Positive; Aviation is Negative
Sensex soars 200 points higher, Nifty opens rise over 10,000 on opening. While Sensex shot up to 33,549.90, up by 0.60%, while Nifty rose up to 10,078.10, up by 0.48%.
Indian markets headed southwards in the second half of Friday, October 26, 2018, to close the day in Red. Managing to stay above a psychological support level of 10,000, Nifty 50 closed down by 94.90 points or 0.94 per cent at 10,030 while BankNifty closed down by 396.40 points or 1.60 per cent at 24,421.05.
Similarly, S&P BSE Sensex was down by 340.78 points or 1.01 per cent and closed at 33,349.31
Amid positive domestic institutional investors (DIIs), neutral global market, future and option (F&O), negative foreign institutional investors (FII) and cautious sentiments, the short-term trend of the Indian market is set to be negative on Monday, October 29, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 29:
10,000 and 24,500 are going to be the deciding levels on Nifty and BankNifty respectively.
The small trading range on Nifty stands at 10,000-10,125 while the bigger and extreme ranges lie between the mark of 9,950-10,200 and 9,900-10,250 respectively.
In the case of BankNifty, the small trading range stands at 24,350-24,700 while the bigger and extreme ranges lie between the mark of 24,200-24,800 and 24,000-25,000 respectively.
Traders can go for a short cover if the two indices, Nifty and BankNifty close above the mark of 10,250 and 25,075 respectively.
Buy and Sell Strategy on Nifty
Buy Nifty in 9,950-10,000 range with a stop loss of 9,900 and target of 10,125-10,150-10,225.
Sell Nifty in 10,200-10,225 range with a stop loss of 10,250 and target of 10,150-10,125.
Buy and Sell Strategy on BankNifty
Buy BankNifty with a stop loss of 24,350 and target of 24,700-24,800-24,900.
Sell BankNifty in 24,800-24,900 range with a with a stop loss of 25,000 and target of 24,700-24,500.
Already In F&O ban: Adani Power
Put-call ratio (PCR) stands at 1.44 and the volatility index (VIX) is 19.23.
Positive: Private Banks, Textiles
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