Anil Singhvi's Market Strategy September 21: Market is negative; Oil & Gas and FMCG are Positive
At the stock markets, benchmark domestic stocks on Thursday, September 19, 2018, closed with losses even as global markets remained positive. The S&P BSE Sensex lost 0.45 per cent or 169.45 points to 37,121.22. The Nifty 50 at the National Stock Exchange also fell 0.39 per cent or 44.55 points to 11,234.35.
At the stock markets, benchmark domestic stocks on Thursday, September 19, 2018, closed with losses even as global markets remained positive. The S&P BSE Sensex lost 0.45 per cent or 169.45 points to 37,121.22. The Nifty 50 at the National Stock Exchange also fell 0.39 per cent or 44.55 points to 11,234.35 and the Nifty Bank lost 0.62 per cent or 164.10 points to close at 26,277.35.
In secondary indices at BSE, Mid Cap ended down 0.72 per cent while Small Cap index declined 0.98 per cent.
Positive global, domestic institutional investors (DIIs), neutral futures and options (F&O) and negative foreign institutional investors (FII) cues, suggest that the short-term trend of the Indian market will continue to be a negative one on September 21, 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 21:
PCR at 1.14 indicates that the market was oversold. Now the PCR suggests that the positions of the weak traders have closed.
The deciding level on the two indices, namely Nifty and BankNifty stands at the mark of 11,300 and 26,400.
The small and bigger trading range on Nifty stands at the mark of 11,275-11,325 and 11,225-11,375 respectively.
In the case of the BankNifty, the small trading range stands at 26,250-26,550 and the bigger range lies between 26,200-26,750.
The next very strong support zone on Nifty and BankNifty lies at 11,200 and 26,200 respectively.
Traders can increase their buying position on the two indices if they close above the mark of 11,375 and 26,800.
Buy and sell strategy on Nifty
Buy Nifty with a stop loss of 11,250 and a target of 11,300-11,325-11,375.
Sell Nifty in 11,375-11,425 range with a stop loss of 11,475 and target of 11,400-11,325.
Buy and sell strategy on BankNifty
Buy BankNifty with a stop loss of 26,250 and target of 26450-26550-26750
Sell BankNifty near 26,600-26,750 range with a stop loss of 26,800 and target of 26,550.
The put-call ratio (PCR) stands at 1.14 and the volatility index (VIX) is 14.00.
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Positive: Oil & Gas, FMCG
Enters F&O Ban: Wockhardt
Already in Ban: Adani Enterprises, Balrampur Chini
Stock of the Day:
Sell Yes Bank Futures: Stop loss 312 and target 305, 300, 295. The exit of Rana Kapoor is a big negative for the stock.
Buy HPCL Futures: Stop loss 252 and target of 256, 260, 262.
Buy BPCL Futures: Stop loss 365 and target of 372, 375, 378.
Buy IOC Futures: Stop loss 154 and target of 157, 160, 162.