Anil Singhvi’s Strategy August 2: Metals & PSU Banks are Negative; Sell Tata Steel Futures with Stop Loss 425

Amid neutral domestic institutional investors (DIIs), futures and options (F&O) and negative global markets, foreign institutional investors (FIIs) and sentiment cues, the short-term trend of the domestic Indian markets will be Negative today.

Amid neutral domestic institutional investors (DIIs), futures and options (F&O) and negative global markets, foreign institutional investors (FIIs) and sentiment cues, the short-term trend of the domestic Indian markets will be Negative today. Earlier on Thursday, August 1, 2019, Equity benchmarks declined to five-month lows amid weak macroeconomic data and hawkish comments from the US Fed. Sensex and Nifty, both, plunged around 1.25 per cent amid weak global cues. Sensex at Bombay Stock Exchange declined 462.80 points or 1.23% to end at 37,018.32. Nifty at National Stock Exchange also plunged 138 points or 1.24% to settle at 10,980. Similarly, Bank Nifty fell 508.75 points or 1.76% to close at 28,367.25.

Vedanta Limited (down 5.61%), JSW Steel (down 5.01%), State Bank of India (down 4.70%), Tata Motors (down 4.35%) and Hindalco Industries (down 4.17%) were the biggest losers of the day.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 2:
The small day range for trading on Nifty stands at 10,900-11,100 while the medium and bigger ranges lie between 10,825-11,075 and 10,775-11,100.
The small day range for trading on Bank Nifty stands at 28,050-28,500 while the medium and bigger ranges lie between 27,850-28,700 and 27,650-28,900.

For Existing Long Positions:
Nifty intraday and closing stop loss 11,000.
Bank Nifty intraday and closing stop loss 28,350.

For Existing Short Positions:
Nifty intraday and closing stop loss 11,100.
Bank Nifty intraday and closing stop loss 28,800.

For New Positions:
Sell Nifty with a stop loss of 11,075 and target 10,900, 10,825.
Buy Nifty in 10,775-10,825 range with a stop loss of 10,750 and target 10,875, 10,950.
Sell Bank Nifty with a stop loss of 28,550 and target 28,050, 27,850.
Buy Bank Nifty near 27,850 with a stop loss of 27,800 and target 28,000, 28,300.

The put-call ratio (PCR) stands at 1.15 and the volatility index (VIX) is 14.55.