Anil Singhvi's Market Strategy September 24: Market is negative; Tata Steel Futures is the stock of the day
The S&P BSE Sensex crashed by 279.62 points or 0.75 per cent to close at the mark of 36,841.60 after witnessing volatility in the market on Friday, September 21, 2018. Similarly, Nifty 50 at the National Stock Exchange slid 91.25 points or 0.81 per cent to close at 11,143.10 and BankNifty went down by 680.45 points.
The S&P BSE Sensex crashed by 279.62 points or 0.75 per cent to close at the mark of 36,841.60 after witnessing volatility in the market on Friday, September 21, 2018. Similarly, Nifty 50 at the National Stock Exchange slid 91.25 points or 0.81 per cent to close at 11,143.10 and BankNifty went down by 680.45 points or 2.59 per cent to close at the mark of 25,596.90.
However, positive domestic institutional investors (DIIs), foreign institutional investors (FII), neutral futures and options (F&O) and negative global outlook, as well as sentiments, suggest that the short-term trend of the Indian market will continue to be a negative one on September 24, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 24:
Small trade range on Nifty lies at 11,100-11,200. 11,000-11,275 can be considered as the trading range on Nifty while the extreme range stands between the mark of 10850-11375.
Small and bigger trading range on BankNifty lies at 25,000-26,000 25,000-26,200 respectively.
Next strong support on the two indices lies at the mark of 11,000 and 25,000.
25,000 should be considered as the buying level on BankNifty and 26,000-26,200 is the selling range on it.
Traders can increase their buying positions on Nifty and BankNifty if they close after crossing the mark of 11,275 and 26,300 respectively.
PCR that stands at 1.14 which indicates that the market was oversold, which led to the closure of the positions of the weak traders.
Buy and Sell strategy on Nifty
Buy Nifty with a stop loss of 11,000 and target of 11,200-11,275.
Sell Nifty in the range of 11275-11350 with a stop loss of 11,400 and target of 11,300-11,250.
Watch this Zee Business video here:
Buy and Sell strategy on BankNifty
Buy BankNifty with a stop loss of 25,000 and target of 26,000-26,200.
Sell BankNifty in the range of 26,000-26,200 with a stop loss of 26,300 and target of 26,000-25,800.
The put-call ratio (PCR) stands at 1.14 and the volatility index (VIX) is 15.53.
Enters F&O Ban: Adani Power
Out of Ban: Balrampur Chini
Already in Ban: Adani Enterprises, Wockhardt
Stock of the Day:
Sell Tata Steel Futures: Stop loss 640 and target 610, 595
Increase in Debt due to Usha Martin Steel business acquisition