Anil Singhvi's Market Strategy October 24: Banks, NBFC, Oil Companies are Positive

Nifty 50 ended lower by 98.45 points or 0.96 per cent on Tuesday, October 23, 2018, at 10,146.80 while S&P BSE Sensex was down by 287.15 points or 0.84 per cent and closed at 33,847.23. Similarly, Nifty Bank went down by 106.15 points or 0.42 per cent at 24,972.45.

 Amid positive global market, neutral domestic institutional investors (DIIs), future and option (F&O), negative foreign institutional investors (FII) sentiments, the short-term trend of the Indian market is set to be negative on Tuesday, October 24, 2018. PCR oversold at 1.04, sharp 11% fall in VIX to 19.04. 

5 Big reasons for recovery due to:
1. Markets Oversold
2. Sharp fall in crude 
3. Recovery in Rupee
4. Recovery US markets
5. Government and RBI to work together to resolve NBFC liquidity crisis

Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 24: 
Deciding level on Nifty and BankNifty stands at 10,200 and 25,000. 

The small and bigger trading range on Nifty lies between 10,150-10,225 and 10,100-10,275 respectively. And the extreme range on the indie stands at the mark of 10,050-10,325. 

In the case of BankNifty, the small and bigger trading range lies between 25,000-25,150 and 24,900-25,250. The extreme range resides at 24,800-25,450.  

Traders are advised to reduce their buying positions if BankNifty closes below the mark of 25,000. 

However, they, the traders can increase their buying positions if the two indices, Nifty and BankNifty, closes above the mark of 10,300 and 25,500. 
 
Sell and Buy Strategy on Nifty 
Buy Nifty with a stop loss of 10,100 and target of 10,220-10,275-10,300.  
Sell Nifty in 10275-10325 range with a stop loss of 10,350 and target of 10225-10200. 

Sell and Buy Strategy on BankNifty 
Buy BankNifty with a stop loss of 24900 and target of 25250-25350-25450. 
Sell BankNifty in 25350-25450 range with a stop loss of 25,550 and target 24250. 
 
Enters F&O Ban: Nil
Out of Ban: Jet Airways
Already in Ban: Adani Enterprises and Adani Power
 
Put-call ratio (PCR) stands at 1.04 and the volatility index (VIX) is 19.04. 
 
Sectors:
Positive: Banks, NBFC, Oil Companies. 
 
Result Analysis:
ICICI Prudential Life: Results weak, Revenue and Profit below expectations. 
Stock to open lower and then recover. 
Range 305-310 support zone and 330-335 is the higher range. 
 

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Stock of the Day:
Buy Adani Ports Futures: Best results in last 18 quarters, 21% volume growth. Stop loss 315 and target 328, 333, 342.