Anil Singhvi’s Strategy October 17: PSUs are Positive; NBFC & Midcap Private Banks are Negative

Amid positive global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs) and sentiment, neutral futures and options (F&O) cues, the short-term trend of Indian share market will be positive on Thursday, October 17, 2019.

The domestic stock markets continued their winning run on Wednesday, October 16, 2019, for the fourth session in a row even though the market breadth was tilted in favour of sellers. The Sensex surged 92.90 points or 0.24% to end at 38,598.99. The Nifty also added 35.70 points or 0.38% to settle at 11,464. However, Nifty Bank closed down at 28,538.80 after losing 16.30 points or 0.04%.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 17:

STRONG BUY zone on Nifty is 11,350-11,425 and on Bank Nifty is 28,050 to 28,200.  

Higher zone on Nifty 11,500-11,550 and Bank Nifty is 28,750-28,950.  

The small day range for trading on Nifty stands at 11,400-11,500 while the medium and bigger day range lies between 11,350-11,550 and 11,300-11,600

The small day range for trading on Bank Nifty stands at 28,300-28,750 while the medium and bigger day range lies between, 28,200-28,850 and 28,050-28,950. 

For Existing Long Positions:

Nifty intraday stop loss 11,400 and closing stop loss 11,340.

Bank Nifty intraday stop loss 28,400 and closing stop loss 28,150. 

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 in 11,400-11,425 range with a stop loss of 11,350 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 in 28,150-28,300 range with a stop loss of 28,000 and target 28,400, 28,550, 28,750.

Sell Bank Nifty in 28,750-28,900 range with a stop loss of 29,000 and target 28,600, 28,500, 28,300. 

The put-call ratio (PCR) is 1.32 and the volatility index (VIX) is 16.36. 

Sectors:

Positive: PSU

Negative: NBFC, Midcap Private Banks 

Stock of the Day:

Sell Mindtree Futures: Stop loss 750 and target 730, 720. Revenue in-line, margin lower than expectations.