Anil Singhvi's Strategy April 16: Buy Dr Reddys at stop loss Rs 2,775, target Rs 2,820

Neutral global markets, positive foreign institutional investors (FIIs), neutral futures & options (F&O) and domestic institutional investors (DIIs) as well as optimistic sentiments suggest that the short-term trend of the domestic stock markets will be positive on Tuesday, April 16, 2019. All the sectoral indices are trading in green led by energy, auto, infra, bank, metal, pharma, and IT.

Amid positive indications from all over the globe and strong domestic sentiments, the Indian markets soared on Tuesday. Nifty 50 opened up by 68.85 points at 11,759.20 while BSE Sensex was up by 260 points at 39,165.47 levels around 0.67 per cent up. 

However, the Indian rupee had opened low at 69.49 per dollar on Tuesday against 69.42 yesterday.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 16:

Global: Neutral

FII: Positive

DII: Positive

F&O: Neutral

‪Sentiment: Positive

Trend: Positive

The deciding levels for Nifty are 11,700, while for BankNifty it is around 30,150 levels.

Small day range of Nifty is 11,650-11,750. While Medium range is 11,600-11,800.

BankNifty's small day range is 30,000-30,250. While Medium range and Extreme range are 29,900 30,350 and 29,800-30,425 respectively.

For Existing Long Positions:

Nifty Intraday Stop loss 11,650 n Closing Stop loss 11,600

BankNifty Intraday Stop loss 30,000 n Closing Stop loss 29,900

For Existing  short positions:

Nifty Intraday n Closing Stop loss 11,700

BankNifty Intraday n Closing Stop loss already triggered

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For New Positions:

Buy Nifty with a stop loss of 11,650 and target of 11,715, 11,735, 11,760

 Sell Nifty in 11,725-11,750 range with a stop loss of 11,800 and target 11,700

Buy Bank Nifty with a stop loss of 29,900 and target 30200, 30,300, 30,400. 

Sell Bank Nifty in 30,400-30,500 range with a stop loss of 30,650 and target 30,050, 30,000. 

The put-call ratio (PCR) stands at 1.61 and the volatility index (VIX) is 21.39.

Enters F&O Ban: PC Jewel

Exit Ban: DLF

5 Already in Ban: IDBI, Jet Air, Rel Power, Wockhardt, DHFL

Stock of the Day:

Buy Dr Reddys Cash: Stop loss 2,775 and target 2,820, 2,845. Hyderabad unit gets a clean chit from USFDA.

Aaj Ka Hero:

Buy Metropolis: Stop loss 950 and target of 1,000, 1,025. Radha Kishan Damani buys stock on a listing day.

IPO Listing Analysis:

Polycab: To list around Rs. 625, Traders who want to exit on the listing can keep a stop loss of Rs 600, Investors can hold it for bigger targets