Anil Singhvi’s Strategy April 10: Market trend is Positive; Sell HDFC Bank’s futures with Stop Loss 2300

Positive foreign institutional investors (FIIs), neutral futures & options (F&O) and negative global outlook and domestic institutional investors (DIIs) and cautious sentiments cues suggest that the short-term trend of the domestic stock markets will be positive on Wednesday, April 10, 2019.

Earlier, the benchmark indices recovered from the day’s low and settled with modest gains on Tuesday, April 9, 2019, just ahead of the beginning of the corporate earnings season and the general elections. The Sensex at the Bombay Stock Exchange rose 238.69 points, or 0.62%, to close at 38,939.22. The Nifty 50 gained 67.45 points, or 0.58%, to end at 11,671.95 and Bank Nifty went up by 268.55 points, or 0.90%, and settled at 30,113.85.

See Anil Singhvi's tweet below:

#MarketStrategy | जानिए #Nifty और #BankNifty पर अनिल सिंघवी की दमदार स्ट्रैटेजी।

@AnilSinghviZEE pic.twitter.com/ZSJWKavV5H

— Zee Business (@ZeeBusiness) April 10, 2019

Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 10: 

The small and medium day range for trading on Nifty lies between 11,600-11,700 and 11,550-11,750.
The small and medium day range for trading on Bank Nifty lies between 30,000-30,175 and 29,850-30,325. The extreme range stands at 29,700-30,425. 
The strong support zone on the two indices, Nifty and Bank Nifty, stands at 11,550-11,600 and 29,700-29,850. 

For Existing Long Positions:
Nifty Intraday stop loss 11,550 and Closing stop loss 11,600. 
Bank Nifty Intraday and Closing stop loss 29,900.

For Existing short positions:
Nifty Intraday and Closing stop loss 11,725 and target 11,600, 11,550. 
Bank Nifty Intraday and Closing stop loss 30,200 and target 30,000, 29,900. 

For New Positions:
Sell Nifty with a stop loss of 11,725 and target 11,600, 11,550. 
Buy Nifty in 11,550-11,600 range with a stop loss of 11,500 and target 11,650, 11,675. 

Sell Bank Nifty with a stop loss of 30,200 and target 30,000, 29,900, 29,850. 
Buy Bank Nifty in 29,750-29,900 range with a stop loss of 29,700 and target 29,900, 30,000. 

The put-call ratio (PCR) stands at 1.47 and the volatility index (VIX) is 20.29.

Enter n Exit F&O Ban: Nil

7 Already in Ban: Adani Power, IDBI, Jet Air, Rel Power, DLF, PC Jewel, Wockhardt

Stock of the Day:
Sell HDFC Bank Futures: Stop loss 2300 and target 2250, 2235. Block deal expected in HDFC Bank at a discount. 

Aaj Ka Hero:
Sell SBI Futures: Stop loss 322 and target 311, 308, 305. QIP expected in the range 295-305 range.