Anil Singhvi’s Strategy August 22: Market Trend is Neutral; Sell Maruti Futures with Stop Loss 6250

Amid neutral global market, domestic institutional investors (DIIs) and futures and options (F&O) and negative foreign institutional investors (FIIs) cues the short-term trend of the domestic Indian markets will be neutral on Thursday, August 22, 2019, while sentiment will continue to be cautious.

Earlier on Wednesday, August 21, 2019, the domestic stock markets fell more than 0.70 per cent and closed in Red. On the day, the benchmark BSE Sensex fell 267.64 points or 0.71 per cent to close at 37,060.37. The broader NSE Nifty tanked 98.30 points or 0.89 per cent to end at 10,918.70 while Bank Nifty was down by 263.40 points or 0.94 per cent and settled at 27,719.05.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 22:
10,900 and 27,700 are the deciding levels on Nifty and Bank Nifty respectively.
The small and medium day range for trading on Nifty lies between 10,850-11,025 and 10,800-11,075 respectively.
The small and medium day range for trading on Bank Nifty lies between 27,550-27,950 and 27,400-28,100 respectively.
PCR near oversold at .095, Nifty reaching near important support of 10,775-10,800.

For Existing Long Positions:
Nifty and Bank Nifty intraday and closing stop loss (SL) already triggered.

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— Zee Business (@ZeeBusiness) August 22, 2019

For Existing Short Positions:
Nifty intraday and closing stop loss 11,050.
Bank Nifty intraday and closing stop loss 28,100.

For New Positions:
Sell Nifty with a stop loss of 11,025 and target 10,850, 10,800, 10,775.
Buy Nifty Near 10,800 with a stop loss of 10,750 and target 10,850.
Sell Bank Nifty with a stop loss of 27,850 and target 27,650, 27,550, 27,450.
Buy Bank Nifty in 27,400-27,500 range with a stop loss of 27,350 and target 27,650, 27,750.

2 stocks in F&O Ban: IDBI, DHFL

Stock of the Day:
Sell Maruti Futures: Stop loss 6250 and target 6140, 6120, 6050. CS downgrades the stock with a target of 5700.

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Aaj Ka Hero:
Buy NMDC Futures: Stop loss 85.50 and target 90, 92. Mines Tribunal has given temporary relief to NMDC on Donamalai issue with a stay order.