Anil Singhvi’s Strategy August 30: Market Trend is Negative; Buy Tata Steel Cash with Stop loss 330

Amid positive global market, domestic institutional investors (DIIs), neutral futures and options (F&O) and negative foreign institutional investors (FIIs) cue the short-term trend of the domestic Indian markets will be negative on Friday, August 30, 2019, while sentiment will continue to be cautious.

Domestic equity benchmarks, Sensex and Nifty on Thursday, August 29, 2019, logged losses for the second session in a row amid weak cues from other Asian markets. Sensex at Bombay Stock Exchange lost 382.91 points or 1.02 per cent to end at 37,068.93. Nifty at National Stock Exchange was also down 97.80 points or 0.89 per cent to close below 11,000-mark at 10,948.30 points. Similarly, Bank Nifty lost 499.10 points or 1.80 per cent and settled at 27,305.20.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 30: 

Small day range for trading on Nifty stands at 10,925-11,000 while the medium and bigger day range, lies between 10,875-11,050 and 10,850-11,075.

Small and medium day range for trading on Bank Nifty lies between 27,000-27,600 and 26,850-27,950.

Higher Zone for trading on the two indices, Nifty and Bank Nifty, lies at 11,050-11,100 and 27,800-27,950 respectively. 

For Existing Long Positions:

Nifty intraday and closing stop loss 10,900.

Bank Nifty intraday and closing stop loss 26,950. 

For Existing Short Positions: 

Nifty intraday and closing stop loss 11,050.

Bank Nifty intraday and closing stop loss 27,800. 

For New Positions:

Buy Nifty near 10,925 with a stop loss of 10,850 and target 11,000, 11,050, 11,075.

Sell Nifty in 11,050-11,100 range with a stop loss of 11,150 and target 11,000.

Buy Bank Nifty near 27,000 with a stop loss of 26,850 and target 27,250, 27,500, 27,600.

Sell Bank Nifty in 27,650-27,800 range with a stop loss of 27,950 and target 27,500, 27,300. 

The put-call ratio (PCR) is at 1.31 and the volatility index (VIX) is 16.42. 

No stock in F&O Ban 

Stock of the Day:

Buy Tata Steel Cash: Stop loss 330 and target 345, 350. Bounce expected in metal stocks due to global rally.