Anil Singhvi’s Strategy September 17: Market trend is neutral; Buy cement stocks on dips

Amid neutral domestic institutional investors (DIIs) and futures and options (F&O), negative foreign institutional investors (FIIs) and global market cues, the short-term trend of the domestic Indian markets will be neutral on Tuesday, September 17, 2019, while the sentiments will be cautious.

Domestic stock markets earlier on Monday, September 16, 2019, declined following a surge in global crude prices after Saudi Arabia’s oil facilities were attacked. The barometer, BSE Sensex, declined 261.68 points or 0.70% to close at 37,123.31. The Nifty at the National Stock Exchange also fell 72.40 points or 0.65% to settle at 11,003.50. Bank Nifty was down by 243.75 points or 0.87% and closed at 27,855.00.

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

11,000 and 27,800 are going to be the deciding levels on Nifty and Bank Nifty, respectively.
Day support zone on the two indices, Nifty and Bank Nifty, lies between 10,925-10,950 and 27,700-27,800.
Below these levels, very strong support will be at Nifty 10,850-10,875 and Bank Nifty 27,500-27,600.
Higher range on Nifty 11,050-11,075 and Bank Nifty 28,000-28,150.
Markets very strong if Nifty trade above 11,100 and Bank Nifty above 28,150.

For Existing Long Positions:
Nifty intraday and closing stop loss 10,925.
Bank Nifty intraday and closing stop loss 27,700.

For Existing Short Positions:
Nifty intraday and closing stop loss 11,100.
Bank Nifty intraday and closing stop loss 28,150.

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— Zee Business (@ZeeBusiness) September 17, 2019

For New Positions:
Buy Nifty in 10,925-10,950 range with a stop loss of 10,875 and target 11,000, 11,025, 11,050.
Sell Nifty in 11,050-11,075 range with a stop loss of 11,100 and target 11,000, 10,975, 10,950.
Buy Bank Nifty with a stop loss of 27,500 and target 27,950, 28,050, 28,100.
Sell Bank Nifty in 28,050-28,100 range with a stop loss of 28,200 and target 27,950, 27,850, 27,800.

The put-call ratio (PCR) is at 1.17 and the volatility index (VIX) is 14.95.

Sectors:
Positive: Cement. Buy on dips.
No stock in F&O Ban

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