Anil Singhvi's Market Strategy September 19: Traders should remain cautious; Metals & FMCG are positive
The benchmark domestic indices on Tuesday, September 18, 2108, plunged for the second day this week amid announcements of plans to merge three PSU banks and further weakening of the Rupee. On the day, the S&P BSE Sensex lost 0.78 per cent or 294.84 points to end at 37,290.67.
The benchmark domestic indices on Tuesday, September 18, 2108, plunged for the second day this week amid announcements of plans to merge three PSU banks and further weakening of the Rupee. On the day, the S&P BSE Sensex lost 0.78 per cent or 294.84 points to end at 37,290.67.
Similarly, the Nifty 50 at the National Stock Exchange (NSE) tumbled by 0.87 per cent or 98.85 per cent to close at 11,278.90 and the Nifty Bank went down by 1.41 per cent or 378.85 points to 26,441.45.
In secondary indices at BSE, Mid Cap plunged 1.49 per cent while Small Cap index also fell sharply by 1.51 per cent.
Positive domestic institutional investors (DIIs), neutral global outlook and negative future and option (F&O) as well as foreign institutional investors (FII) cues, suggest that the short-term trend of the Indian market is negative on September 19, 2018, and the traders are advised to be cautious while trading in the market today.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 19:
11,300 and 26,500 are deciding levels on Nifty and BankNifty.
Small and bigger trading range on Nifty resides at the mark of 11,250-11,375 and 11,200-11,400 respectively.
In the case of BankNifty, the trading range lies between 26,400-26,550 and the bigger range rests at the mark of 26,200-26,750
Now, the next strong support zone on the two indices is available at the mark of 11,200 and 26,200.
Traders are advised to go for new buying positions on the two indices, Nifty and BankNifty, only if they are closed after trading above the mark of 11,400 and 26,800.
Buy and Sell Strategy on Nifty
Buy Nifty with a stop loss of 11,250 and target of 11,300-11,375.
Sell Nifty in 11,375-11,425 range with a stop loss of 11,475 and target of 11,400-11,350-11,300.
Buy and Sell Strategy on BankNifty
Buy BankNifty with a stop loss of 26,400 and target of 26,550-26,750-26,800.
Sell BankNifty in 26,750-26,800 range with stop loss of 27,000 and target of 26,550.
The put-call ratio (PCR) stands at 1.20 and the volatility index (VIX) is 14.41.
Watch this Zee Business video here:
Sectors:
Positive: Metals, FMCG
Enters F&O Ban: Balrampur Chini
Already in Ban: Adani Enterprises.
Stock of the Day:
The expense ratio on MF schemes reduced.
Sell HDFC AMC: Stop loss 1555 and target 1500, 1470.
Sell Reliance Nippon: Stop loss 220 and target 200, 192.
Buy MCX Futures: Stop loss 775 and target 800, 815, 825.
Foreign investors allowed to trade in Commodity markets.
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