Anil Singhvi's Market Strategy September 27: Tyres & Footwear are positive; Consumer Durables & Aviation negative
Benchmark domestic stocks on Wednesday, September 26, 2018, closed with losses after giving some relief on Tuesday. The S&P BSE Sensex lost 109.79 points, 0.30 per cent, to 36,542.27. The Nifty 50 also lost 13.65 points, 0.12 per cent, to 11,053.80 while Nifty Bank closed with a gain of 45.95 points.
Benchmark domestic stocks on Wednesday, September 26, 2018, closed with losses after giving some relief on Tuesday. The S&P BSE Sensex lost 109.79 points, 0.30 per cent, to 36,542.27. The Nifty 50 also lost 13.65 points, 0.12 per cent, to 11,053.80 while Nifty Bank closed with a gain of 45.95 points or 0.18 per cent at 25,376.30.
Amid positive domestic institutional investors (DIIs), neutral global market, future and option (F&O) and negative foreign institutional investors (FII) cues, the short-term trend of the Indian market will be negative on September 27, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 27:
11,000 and 25,400 are going to be the deciding level on Nifty and BankNifty.
The small trading range on Nifty stands at the level of 10,950-11,150 and the bigger range lies between 10,875-11,225.
25,200-25,500 is going to be the small trading range on BankNifty while 25,050-25,650 will be the bigger trading range on it.
The strong support range on the two indices, Nifty and BankNifty, stands between the mark of 10,950-11,000 and 25,000-25,200 respectively.
The selling zone for today on the two indices lies between 11,150-11,225 and 25500-25650.
Traders can increase their buying positions on Nifty and BankNifty if the two indices close above the mark of 11,150 and 25,600.
Buy and Sell Strategy on Nifty
Buy Nifty near 11,000 with a stop loss of 10,950 and target of 11,050-11,075-11,125.
Sell Nifty in 11,150-11,175 range with a stop loss of 11,225 and target of 11,100-11,075-11,050.
Buy and Sell Strategy on BankNifty
Buy BankNifty near 25200 with a stop loss of 25,000 and target of 25,350-25,400-25,500-25,600.
Sell BankNifty in 25,500-25,600 range with a stop loss of 25,650 and target of 25,400-25,350.
The put-call ratio (PCR) stands at 1.09 and the volatility index (VIX) is 17.09.
Positive: Tyre, Footwear
Negative: Consumer Durables, Aviation
Enters F&O Ban: Jet Airways, PNB
Out of Ban: DHFL
Already in Ban: Adani Power
Watch this Zee Business video here:
Stock of the Day:
Sell Voltas Futures if opens with gap: Stop loss 590 and target 570, 555.
Increase in custom duty by 10 per cent on AC and Fridge is negative for Voltas as the company has entered into a joint venture (JV) with a Turkish company Arcelik and has plans to launch over 100 models across refrigerators, washing machines, microwaves/ovens and dishwashers over the next three months under the brand Voltas Beko. The hike in customs duty will play a negative role because Voltas is re-entering into the home appliance category through this JV after a gap of nearly two decades.
Sell Indigo Futures: Stop loss 860 and target 830, 820. Basic customs duty of 5 per cent has been imposed on ATF.
Buy Titan Futures: Stop loss 800 and target 825, 835, 850
No customs duty increased on Gold is positive for Titan; huge short covering is expected.
Buy Apollo Tyres Futures: Stop loss 225 and target 235, 240
Custom duty hiked by 5 per cent on radial tyres.
Buy Ceat Futures: Stop loss 1220 and target 1245, 1255, 1270
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.