Anil Singhvi’s Strategy June 10: Market Sentiment is Positive; Sell Reliance Infrastructure with Stop Loss 76

Amid positive global market, neutral futures and options (F&O), foreign institutional investors (FII) and domestic institutional investors (DIIs) cues, the short-term trend of the domestic Indian market will be neutral on Monday, June 10, 2019, and sentiment is Positive.  

Earlier on Friday, June 7, 2019, the domestic stocks after trading in the narrow range throughout the day witnessed a breakout in the second half and closed in Green. Nifty rebounded from an intraday low of 11,769 and closed 26.90 points, 0.23 per cent, up at 11,870.65 while BSE Sensex gained 86.18 points, 0.22 per cent, and closed at 39,615.90. Similarly, Nifty Bank ended at 31,066.55 after moving up by 209.15 points, or 0.68 per cent. IndusInd Bank and Bharti Infratel were the top gainers of the day – up by +2 per cent - respectively. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 10:
11,900 and 31,000 are the deciding levels on Nifty and Bank Nifty. 
The small and medium day range for trading on Nifty lies between 11,850-11,925 and 11,825-11,950. The bigger range stands at 11,750-12,035.
The small and medium day range for trading on Bank Nifty lies between31,000-31,250 and 30,850-31,400 medium range. The bigger range stands at 30,650-31,550. 
Trend positive again if Nifty closes above 11,950 and Bank Nifty above 31,250. 

For Existing Long Positions:
Nifty intraday and closing basis stop loss 11,825
BankNifty intraday and closing basis stop loss 3,0800. 

For Existing Short Positions:
Nifty intraday and closing basis stop loss 11,950.
Bank Nifty intraday and closing basis stop loss 31,250.

For New Positions:
Buy Nifty with a stop loss of 11,825 and target 11,925, 11,950, 12,000. 
Sell Nifty in 12,000-12,035 range with a stop loss of 12,110 and target 11,950, 11,925. 

Buy Bank Nifty with a stop loss of 30,450 and target 30,650, 30,800. 
Sell Bank Nifty in 31,000-31,200 range with a stop loss of 31,300 and target 30,850. 

No new in or out in F&O Ban. 
Already in Ban: IDBI, DHFL, PC Jewellers. 

The put-call ratio (PCR) stands at 1.32 and the volatility index (VIX) is 14.86.

Stock of the Day:
Sell Reliance Infrastructure Cash: Stop loss 76 and target 72, 70. Poor results by its subsidiary Reliance Power 2950 crore Loss. The company has postponed Q4FY19 results for the third time. Now, the results will be declared on June 14.

Aaj Ka Hero:
Sell Reliance Capital Cash: Stop loss 102 and target 96, 93. ADAG stocks to fall more post Reliance Power results.