The benchmark domestic stocks were spooked after RBI decided to hold repo rate at its current level on October 5, 2018. Nifty 50 went down by 282.80 points or 2.67 per cent to close at 10,316.45 while S&P BSE Sensex dropped by 792.17 points or 2.25 per cent to close at 34,376.99.

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Oil Marketing Companies (OMCs) were the top losers of the day with Hindustan Petroleum Corporation Limited (HPCL) down by 24.50 per cent and Bharat Petroleum Corporation Limited (BPCL) down by 19.60 per cent. 

With depreciating rupee, IT stocks Infosys and Tata Consultancy Services (TCS) went up by 2.16 per cent and 1.70 per cent respectively. 

Amid positive domestic institutional investors (DIIs), negative global market, future and option (F&O), foreign institutional investors (FII) and weak sentiment cues, the short-term trend of the Indian market will be negative on October 8, 2018.

Some positives over the weekend: 
No rate hike by RBI
Deal with Russia acceptable to USA
India to import Oil from Iran
ICICI and IL&FS issue tension now reduced

Some Concerns are still there:
Higher crude and Rupee
Assembly elections
Huge FIIs selling
Weak sentiment despite no rate hike

Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 8:
10,250 and 24,250 are going to be the deciding level on Nifty and BankNifty. A fresh indication of weakness will be visible in the market if the two indices start trading below this level. 

The small trading range on Nifty stands at 10,250-10,500 and the bigger range lies at the mark of 10,100-10,550. Extreme range stands between 10,000-10,600. 

The small and bigger trade range on BankNifty lies between 24,250-24,700 and 24,000-24,800 respectively. 

Next important support on Nifty and BankNifty will be available at the mark of 10,000 and 24,000. 

The big selling zone on Nifty and BankNifty lies between 10,500-10,600 and 24,800-25,000.  

Traders are advised to cut their positions if the two indices, Nifty and BankNifty, trades above the mark of 10,600 and 24,800 respectively. 

PCR stands at 1.07, near oversold and VIX is at a higher level of 19.73. Weak traders are out. 
 
Buy and Sell strategy on Nifty:
Sell Nifty below 10,250 with stop loss of 10,350 and target 10,200-10,150-10,100. 

Buy Nifty in 10,000-10,100 with stop loss 9950 and target 10,200. 
 
Buy and Sell strategy on BankNifty:
Sell BankNifty with stop loss 24,600 and target 24,250-24,000. 

Buy BankNifty near 24,000 with stop loss 23,900 and target 24,250. 

Watch this Zee Business video here:

 
Sectors:
Negative: Metals, PSU, Oil & Gas

No stock in F&O Ban today

The put-call ratio (PCR) stands at 1.07 and the volatility index (VIX) is 19.73. 

Stock of the Day:
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Sell AU Small Finance Cash: The Weak listing of AAVAS Financiers Ltd expected. AU holds 6.8% in the Aavas. Stop loss 565 and target 540, 525