Anil Singhvi’s Strategy October 9: PSU, Metal stocks are Negative today; Sell Titan Futures with Stop Loss of 1268

Amid positive domestic institutional investors (DIIs), neutral global markets, foreign institutional investors (FIIs) and futures and options (F&O) cues, the short-term trend of Indian share market will be neutral on Wednesday, October 9, 2019, while sentiment will continue to be cautious.

Extending the losses for the sixth straight session on Monday, October 7, 2019, the key equity benchmarks closed in a red. Negative Asian cues spoiled investors' sentiment. The stock market benchmark Sensex declined by 141.33 points or 0.38% after a volatile session and closed at 37,531.98. The NSE Nifty lost 48.35 points or 0.43% and settled at 11,126.40. However, Bank Nifty closed with a gain of 35.75 points or 0.13%, at 27,767.55.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 9:

Strong Buy Zone on Nifty stands at 11,000-11,075 and Bank Nifty is 26,750-27,250.

Higher zone on Nifty is 11,250-11,300 and Bank Nifty is 28,200-28,400.

Small day range for trading on Nifty stands at 11,075-11,175 while the medium and bigger ranges lie between 11,025-11,200 and 11,000-11,250.

Small day range for trading on Bank Nifty stands at 27,650-28,050 while the medium and bigger ranges lie between 27,550-28,200 and 27,000-28,400. 

The put-call ratio (PCR) is 0.96 and the volatility index (VIX) is 17.83. Short covering and buying expected at lower levels. 

For Existing Long Positions:

Nifty intraday and closing stop loss 11,000.

BankNifty intraday and closing stop loss 27,500. 

For Existing Short Positions:

Nifty intraday and closing stop loss 11,260.

Bank Nifty intraday and closing stop loss 28,200. 

For New Positions:

Buy Nifty with a stop loss of 11,000 and target 11,175, 11,200, 11,250.

Sell Nifty in 11,250-11,300 range with a stop loss of 11,375 and target 11,200, 11,175.

Buy Bank Nifty with a stop loss of 27,500 and target 27,950, 28,050, 28,200.

Sell Bank Nifty in 28,150-28,200 range with a stop loss of 28,250 and target 27,800, 27,650, 27,550.

Sectors:

Negative: PSU, Metals

Stock of the Day:

Sell Titan Futures: Stop loss 1268 and target 1240, 1230. Q2 sales were weaker than expected.