Anil Singhvi’s Strategy November 7: Market Trend & Sentiment are Positive; Sell Tata Steel Futures with Stop Loss of 410

Amid positive global markets, foreign institutional investors (FIIs) and sentiment, neutral futures & options (F&O) and negative domestic institutional investor (DII) cues, the short-term trend of Indian share market will be positive on Thursday, November 7, 2019.

Reversing early losses, the key equity benchmarks ended in the green on Wednesday, November 6, 2019. Positive global cues supported sentiments. BSE Sensex gained 221.55 points or 0.55 per cent to close at 40,469.78. The NSE Nifty also added 48.85 points or 0.41 per cent to settle at 11,966.05 while Bank Nifty appreciated 389.75 points or 1.29 per cent to end at 30,609.60. Gains in private banks and index major Infosys pushed the indices higher.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for November 7:

Strong day support zone on Nifty 11,850-11,900 and on Bank Nifty 30,200-30,350.

Big short-covering and fresh buying can be seen, if Nifty and Bank Nifty stay above the mark of 12,000 and 30,800 respectively.

Small day range on Nifty stands at 11,940-12,000 while the medium and bigger ranges lie between 11,900-12,050 and 11,850-12,100.

Small day range on Bank Nifty stands at 30,450-30,700 while the medium and bigger ranges lie between 30,350-30,800 and 30,200-30,950.

For Existing Long Positions:

Nifty intraday closing stop loss 11,875.

Bank Nifty intraday and closing stop loss 30,200.

For Existing Short Positions:

Nifty intraday and closing stop loss 12,000.

Bank Nifty intraday and closing stop loss 30,800.

For New Positions:

Buy Nifty in 11,900-11,940 range with a stop loss of 11,850 and target 11,975, 12,000, 12,050.

Sell Nifty near 12,000 with a stop loss of 12,025 and target 11,950, 11,925, 11,900.

Buy Bank Nifty in 30,350-30,450 range with a stop loss of 30,300 and target 30,550, 30,700, 30,800.

Sell Bank Nifty near 30,800 with a stop loss of 30,850 and target 30,700, 30,550, 30,450.

The put-call ratio (PCR) is 1.34 and the volatility index (VIX) is 15.78.

Stock of the Day: 

Sell Tata Steel Futures: Stop loss 410 and target 390, 385. Operationally Weak Results.