Anil Singhvi's Market Strategy September 26: Market is Negative; ONGC Futures is the stock of the day
Snapping a five-day losing streak, the domestic market closed almost one per cent higher on September 25, 2018, Tuesday. On this day, the S&P BSE Sensex went up by 347.04 points (0.96%) to close at 36,652.06 while Nifty 50 at the National Stock Exchange saw a rise of 100.05 points (0.91%) and closed at 11,067.45.
Snapping a five-day losing streak, the domestic market closed almost one per cent higher on September 25, 2018, Tuesday. On this day, the S&P BSE Sensex went up by 347.04 points (0.96%) to close at 36,652.06 while Nifty 50 at the National Stock Exchange saw a rise of 100.05 points (0.91%) and closed at 11,067.45. Similarly, Nifty Bank ended at 25,330.35 after going up by 360.00 points (1.44%).
However, positive domestic institutional investors (DIIs), neutral global outlook, future and option (F&O), sentiments and negative foreign institutional investors (FII) cues suggest that the short-term trend of the Indian market will continue to be in a negative zone on September 26, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 26:
Smart recovery due to short covering. Crude, Rupee, Asian markets are going to be the key triggers today.
11,000 is the deciding level on Nifty.
The small trade range on Nifty stands at 11,000-11,125, while the bigger range and the extreme range lies between the mark of 10,950-11,175 and 10,875-11,200 respectively.
In the case of the BankNifty, the small and bigger trading range lies between 25,000-25,500 and 24,900-25,600 respectively.
The strong support zone on the two indices, Nifty and BankNifty, lies at the mark of 10,875-10,950 and 24,900-25,000 respectively.
While the selling zone on the two indices stands at 11,150-11,175 and 25,500-25,600.
Traders can increase their buying positions on Nifty and BankNifty if the two indices close above the mark of 11,250 and 25,600.
Watch this Zee Business video here:
Buy and Sell Strategy on Nifty
Sell Nifty 11,125-11,175 range with a stop loss of 11,200 and target of 11,100-11,075-11,000.
Buy Nifty in 10,950-11,000 range with a stop loss 10,875 and target of 11,050-11,075.
Buy and Sell Strategy on BankNifty
Buy BankNifty with a stop loss of 25,000 and target of 25,400-25,500-25,600.
Sell BankNifty in the range of 25,500-25,600 and a stop loss of 25,650 and target of 25,400-25,350.
The put-call ratio (PCR) stands at 1.13 and the volatility index (VIX) is 16.68.
Enters F&O Ban: DHFL
Out of Ban: Adani Enterprises
Already in Ban: Adani Power
Stock of the Day:
Buy ONGC Futures: Stop loss 180 and target 184.50, 186.