Anil Singhvi’s Strategy November 28: PSU Banks & Midcap Pvt. Banks are Positive; Buy Federal Bank Futures with Stop Loss 86

Amid positive sentiment and neutral global market, foreign institutional investor (FII), negative domestic institutional investor (DII) and futures & options (F&O) cues, the short-term trend of Indian share market will be positive on Thursday, November 28, 2019.

Earlier on Wednesday, November 27, 2019, the domestic stocks market ended higher with both Sensex and Nifty scaled record closing peaks as investors tracked positive mood around US-China talks. The gains were supported by the surge in banking, auto and metal stocks, ahead of November F&O expiry due on Thursday. 

The Sensex at the Bombay Stock Exchange surged 199.31 points, or 0.49 per cent, to close at an all-time high of 41,020.61 on positive global cues. The Nifty at the National Stock Exchange gained 63 points, or 0.52 per cent, to 12,100.70, while Bank Nifty gained 157.60 points, or 0.50 per cent, and closed at 31,875.95. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for November 28:

Strong buy zone on Nifty 12,000-12,035 and Bank Nifty 31,450-31,550.

The small day range for trading on Nifty is 12,075-12,125, while the medium and bigger ranges lie between 12,035-12,150 and 12,000-12,200. 

The small day range for trading on Bank Nifty is 31750-31950, while the medium and bigger ranges lie between 31,550-32,000 and 31,450-32,200.

For Existing Long Positions:

Nifty intraday and closing stop loss 12,000.

Bank Nifty intraday and closing stop loss 31,450.

For Existing Short Positions:

Nifty intraday and closing stop loss 12,150

Bank Nifty intraday and closing stop loss 32,000.

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For New Positions:

Sell Nifty in 12,175-12,200 range with a stop loss of 12,250 and target 12,125, 12,100, 12,075. 

Buy Bank Nifty in 31,550-31,750 range with a stop loss of 31,450 and target 31,850, 31,950, 32,200.

Sell Bank Nifty near 32,000 for risky traders with strict stop loss with a stop loss of 32,050 and target 31,875, 31,750, 31,550. 

The put-call ratio (PCR) is 1.64 and the volatility index (VIX) is 14.62.

Sectors:

Positive: PSU Banks, Midcap Private Banks

In F&O Ban: Yes Bank

Stock of the Day:

Buy Federal Bank Futures: Stop loss 86 and target 89, 91. Federal Bank to sell stake in the insurance business by March 2020.