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Anil Singhvi’s Strategy May 30: Banking & Metal sector is Negative; Sell Glenmark Futures with Stop Loss 553
Amid neutral domestic institutional investors (DIIs), futures and options (F&O) and negative global market and foreign institutional investors (FII) cues, the short-term trend of the domestic Indian market will be positive on Thursday, May 30, 2019.
Amid neutral domestic institutional investors (DIIs), futures and options (F&O) and negative global market and foreign institutional investors (FII) cues, the short-term trend of the domestic Indian market will be positive on Thursday, May 30, 2019, but sentiments are cautious.
Earlier on Wednesday, May 29, 2019, the domestic stocks, Sensex and Nifty, snapped three sessions’ record-breaking rally and settled with modest losses on weak global cues. Yesterday’s slide on the bourses was led by JSW Steel, State Bank of India, Tata Steel and Cipla among others. The Sensex at Bombay Stock Exchange ended 247.68 points, or 0.62 per cent, down at 39,502.05. The broader Nifty 50 also declined 67.65 points, or 0.57 per cent, to settle at 11,861.10. Similarly, Nifty Bank lost 302.35 points, or 0.96 per cent, and settled at 31,295.55.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 30:
The small and medium day range for trading on Nifty lies between the mark of 11,825-11,925 and 11,800-11,950 respectively. The bigger range stands at 11,725-12,000.
The small and medium day range for trading on Bank Nifty lies between the mark of 31,150-31,400 and 31,000-31,500 respectively. The bigger range stands at 30,800-31,600.
The strong support zone on Nifty and Bank Nifty lies between 11,750-11,800 and 31,000-31,150 respectively.
For Existing Long Positions:
Nifty intraday and closing basis stop loss 11,800.
Bank Nifty intraday and closing basis stop loss 31,150.
For Existing Short Positions:
Nifty intraday and closing basis stop loss 11,930.
Bank Nifty intraday and closing basis stop loss 31,600.
For New Positions:
Buy Nifty in 11,750-11,800 range with a stop loss of 11,700 and target 11,825, 11,850, 11,925.
Sell Nifty in 11,900-11,950 range with a stop loss of 11,975 and target 11,825, 11,800, 11,750.
Buy Bank Nifty near 31,000 with a stop loss of 30,950 and target 31,200, 31,300.
Sell Bank Nifty near 31,500 with a stop loss of 31,600 and target 31,200, 31,150, 31,000.
Sectors Negative: Banks and Metal.
Enters F&O Ban: Nil
Out of Ban: PC Jewellers
Already in Ban: Adani Power
The put-call ratio (PCR) stands at 1.16 and the volatility index (VIX) is 16.40.
Stock of the Day:
Sell Glenmark Futures: Stop loss 553 and target 537, 531. Results below expectation.
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