Anil Singhvi's Market Strategy September 12: Ajanta Pharma Futures, Idea Futures are stocks of the day
The benchmark domestic stocks on Tuesday, September 12, 2108, plunged more than one per cent for the second day this week amid mixed global share markets. S&P BSE Sensex lost 1.34 per cent or 509.04 points to 37,413.13. The Nifty50 at the National Stock Exchange also tumbled 1.32 per cent or 150.60 points to 11,287.50.
The benchmark domestic stocks on Tuesday, September 12, 2108, plunged more than one per cent for the second day this week amid mixed global share markets. S&P BSE Sensex lost 1.34 per cent or 509.04 points to 37,413.13. The Nifty50 at the National Stock Exchange also tumbled 1.32 per cent or 150.60 points to 11,287.50 while Nifty Bank also fell 1.45 per cent or 394.25 points to close at 26,807.50.
In secondary indices at BSE, Mid Cap plunged 1.36 per cent while Small Cap index also fell sharply by 1.37 per cent.
Amid positive domestic institutional investors (DIIs), neutral global outlook, future and option (F&O) and negative foreign institutional investors (FII) cues, the short term trend of the Indian stock markets is going to be negative on September 12, 2018. Traders are advised to be cautious while trading in the market today.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 12:
Asian markets and Rupee are important triggers
The small trading range on Nifty stands at 11,250-11,400 and the bigger range resides between 11,200-11,450.
In the case of BankNifty, the small and bigger trading range lies between 26,700-27,000 and 26,600-27,200 respectively.
Trading mark above 11,400 and 27,000 on Nifty and BankNifty should be considered as the first signal of recovery in the two indices.
Traders can increase their buying positions on the two indices if they close above the mark of 11,450 and 27,200.
PCR is at 1.25. There is a decline in positions of weak traders.
Buy and Sell strategy on Nifty
Buy Nifty with a stop loss of 11,250 and target of 11,350-11,400-11,450.
Sell Nifty near 11,450 with a stop loss of 11,500 and target 11,400.
Watch this Zee Business video here:
Buy and Sell strategy on BankNifty
Buy BankNifty with a stop loss of 26,700 and target 27,000-27,125.
Sell BankNifty near 27,150 with a stop loss of 27,250 and target of 27,000.
The put-call ratio (PCR) stands at 1.25 and the volatility index (VIX) is 15.33.
Stock of the Day:
Buy Ajanta Pharma Futures: USFDA approved cholesterol drug. Stop loss of 1140 and a target of 1165, 1175, 1200
Buy Idea Futures: DB gives a buy report with a target of 100. Stop loss of 45 and a target of 48, 49.50.