Anil Singhvi's Market Strategy November 29: Metals and Banks are Positive

Indian stock markets closed in a green on Wednesday, November 28, 2018. S&P BSE Sensex rose 203.81 points or 0.57% to close at 35,716.95 while Nifty 50 added 43.25 points or 0.40% to 10,728.85. 

Similarly, Nifty Bank went up by 14.85 points or 0.06% and closed at 26,457.95. 

Amid positive sentiments, future and option (F&O), global market, foreign institutional investors (FIIs) and neutral domestic institutional investors (DIIs) cues, the short-term trend of the Indian market will be positive today, November 29, 2018. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for November 29: 

10,750 and 26,500 are the deciding levels on Nifty and BankNifty respectively. 

Small and bigger trading range on Nifty lies between 10,700-10,775 and 10,675-10,800 while the extreme range stands at 10,625-10,850. 

Small and bigger trading range on Bank Nifty lies between 26,400-26,600 and 26,300-26,700 while the extreme range stands at 26,200-26,800. 

Intraday support zone on the two indices, Nifty and Bank Nifty, lies between 10,675-10,700 and 26,300-26,400 respectively. 

Traders are advised to close their buying positions if Nifty and Bank Nifty closes below the mark of 10625 and 26250. 

Put-Call Ratio (PCR) 1.81 after a gap up opening, be alert at higher levels.

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Buy and Sell strategy on Nifty 

Buy Nifty with a stop loss of 10,700 and target of 10,775, 10,800, 10,850.  

Sell Nifty in the range of 10,800-10,850 with a stop loss of 10,900 and target of 10,750. 

Buy and Sell strategy on Bank Nifty 

Buy Bank Nifty with a stop loss of 26,400 and target of 26,600, 26,700, 26,800. 

Sell Bank Nifty in the range of 26,750-26,800 with a stop loss of 26,950 and target of 26,600, 26,500. 

Enters F&O ban: DHFL

Out of ban: Jet Airways

2 Already in F&O ban: Adani Power, Adani Enterprises

Sectors:

Positive: Metals and Banks

The put-call ratio (PCR) stands at 1.74 and the volatility index (VIX) is 18.31.  

Stock of the Day:

Buy Tata Steel Futures: Stop loss 515 and target 535, 545. Short Covering in metal stocks expected. 

Buy ICICI Futures: Stop loss 355 and target 365, 370. Short covering and fresh buying expected. 

Buy HPCL Futures: Stop loss 235 and target 245. Fall in crude and strong rupee are positives. 

Sell Jet Airways Cash: Stop loss 313 and target 300. Promoters clarified that no controlling stake sale.