Anil Singhvi’s Strategy October 16: Market Trend & Sentiments are Positive; Buy MCX Futures with Stop Loss of 1010

Amid positive global markets, domestic institutional investors (DIIs), foreign institutional investors (FIIs) and sentiment, neutral futures and options (F&O) cues, the short-term trend of Indian share market will be positive on Wednesday, October 16, 2019.

Earlier on Tuesday, October 15, 2019, the equity benchmarks closed with marginal gains of around 0.75% amid mixed cues from Asian stocks and positive global sentiments. BSE Sensex surged 291.62 points or 0.76% to end at 38,506.09. The NSE Nifty also added 87.15 points or 0.77% to settle at 11,428.30. Similarly, Bank Nifty climbed 373.15 points or 1.32% to close at 28,555.10. 

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 16:

Strong buy zone on Nifty 11,250-11,300 and on Bank Nifty is 28,050 -28,200.

Higher zone on Nifty 11,500-11,550 and on Bank Nifty is 28,850-29,000.

Small day range for trading on Nifty stands at 11,400-11,460 while the medium and bigger ranges lie between 11,350-11,500 and 11,300-11,550.

Small day range for trading on Bank Nifty stands at 28,400-28,750 while the medium and bigger ranges lie between 28,200-28,850 and 28,050-28,950. 

For Existing Long Positions:

Nifty intraday and closing stop loss 11,300

Bank Nifty intraday stop loss 28,400 and closing stop loss 28,000. 

For Existing Short Positions:

Nifty intraday and closing stop loss 11,500.

Bank Nifty intraday and closing stop loss 28,800. 

For New Positions:

Buy Nifty with a stop loss of 11,340 and target 11,475, 11,500, 11,550.

Sell Nifty in 11,500-11,550 range with a stop loss of 11,600 and target 11,450, 11,425.

Buy Bank Nifty with a stop loss of 28,400 and target 28,700, 28,800, 28,950.

Sell Bank Nifty in 28,800-29,000 range with a stop loss of 29,100 and target 28,750, 28,550, 28,400, 28,200. 

The put-call ratio (PCR) is 1.32 and the volatility index (VIX) is 16.85.

Result Analysis:

Wipro Futures: Margins better than expectation, Guidance improved. Range 235-240 lower range. 255-260 higher zone.

Stock of the Day:

Buy MCX Futures: Stop loss 1010 and target 1035, 1045, 1060. Excellent operational results.