Anil Singhvi’s Strategy September 6: Market Trend is Neutral; Metal sector is Positive; NBFC is Negative

Amid positive global markets, domestic institutional investors (DIIs), neutral futures and options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the domestic Indian markets will be neutral today on Friday, September 6, 2019, while sentiment will remain cautious.

Earlier, the domestic markets remained flat amid volatility. On the day, Sensex at the Bombay Stock Exchange fell 80.32 points, or 0.22 per cent, to close at 36,644.42. But, the Nifty at the National Stock Exchange gained 3.25 points, or 0.03 per cent to end at 10,847.90 while Bank Nifty lost 204.15 points, or 0.75 per cent to settle at 26,919.70.

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 Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 6:

10,900 and 27,000 are going to be the deciding levels on Nifty and Bank Nifty respectively.

Small day range for trading on Nifty stands at 10,800-10,925 while the medium and bigger range lies between 10,750-10,950 and 10,700-11,025 respectively.

Small day range for trading on Bank Nifty stands at 26,800-27,125 while the medium and bigger range lies between 26,750-27,250 and 26,650-27,650 respectively. 

For Existing Long Positions:

Nifty intraday and closing stop loss 10,800.

Bank Nifty intraday and closing stop loss 26,800. 

For Existing Short Positions:

Nifty intraday and closing stop loss 10,925.

Bank Nifty intraday and closing stop loss 27,300. 

For New Positions:

Buy Nifty with a stop loss of 10,800 and target 10,925, 10,950, 10,975.

Sell Nifty in 10,975-11,000 range with a stop loss of 11,025 and target 10,900, 10,850.

Buy Bank Nifty with a stop loss of 26,950 and target 27,125, 27,250, 27,450.

Sell Bank Nifty near 27,250-27,300 range with a stop loss of 27,350 and target 27,150, 26,950. 

The put-call ratio (PCR) is at 1.24 and the volatility index (VIX) is 17.27. 

Sectors:

Positive: Metals

Negative: NBFC

No stock in F&O Ban

Stock of the Day:

Sell Indiabulls Housing Cash: Stop loss 450 and target 430, 425, 410. PIL filed against the company.

Buy Equitas Futures: Stop loss 114.50 and target 118.50, 121. Expect Small Finance Banks listing guidelines soon.

Aaj ka Hero:

Sell Sun Pharma Cash: Stop loss 439 and target 425, 415. The company accepted a forensic audit for 3 years of accounts.

Buy Bharti Airtel Cash: Stop loss 343 and target 353, 356, 358. Jio fibre plan is not aggressive for competitors.