Anil Singhvi’s Strategy March 8: Market is Positive; Metal Sector to be Negative
The small and medium trading ranges on Nifty lies between 11,000-11,100 and 10,975-11,150 respectively. The extreme range stands at 10,925-11,200.
Positive foreign institutional investors (FII) and sentiment, neutral futures & options (F&O) and negative domestic institutional investors (DIIs) and global cues suggest that the short-term trend of the Indian stock market will remain positive on Friday, March 8, 2019.
Earlier on Thursday, March 7, 2019, the benchmark domestic stocks closed with gains for the fourth session in a row. The key indices added marginally even as cues from global stocks were almost negative. The S&P BSE Sensex gained 89.32 points or 0.24% to end at 36,725.42 while the Nifty 50 added 5.20 points or 0.05% to settle at 11,058.20. The Nifty Bank was up by 138.95 points or 0.50% and closed at 27,764.60.
Larsen & Toubro, Mahindra & Mahindra, Axis Bank, SBI, Power Grid Corp and ITC boosted the indices, while weakness in Indian Oil and Coal India capped gains.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 8:
The small and medium trading ranges on Nifty lies between 11,000-11,100 and 10,975-11,150 respectively. The extreme range stands at 10,925-11,200.
The small and medium trading ranges on Bank Nifty lies between 27,650-27,800 and 27,550-27,850. The extreme range stands at 27,500-27,950.
Reduce long positions if Nifty and Bank Nifty close below the mark of 10,975 and 27,500.
For Existing Long Positions:
Nifty Intraday stop loss 11,000 Closing stop loss 10,975.
Bank Nifty Intraday stop loss 27,600 Closing stop loss 27,500.
For Existing short positions stop losses triggered
For New Positions:
Sell Nifty with a stop loss of 11,000 and target 11,000, 10,975.
Buy Nifty in 10,975-11,000 range with a stop loss of 10,925 and target 11,050, 11,075, 11,100.
Sell Bank Nifty with a stop loss of 27,850 and target 27,675, 27,625, 27,575.
Buy Bank Nifty in 27,550-27,625 range with a stop loss of 27,500 and target 27,750, 27,800.
The put-call ratio (PCR) stands at 1.66 and the volatility index (VIX) is 15.29.
Sectors:
Negative: Metals
3 stocks in F&O Ban: IDBI, Reliance Power, Wockhardt
Stock of the Day:
Sell ICICI Prudential Life Futures: Stop Loss 330 and target 315, 310. Promoters selling the stake in 300-310 range. Don’t sell if it opens up with a big gap.
Aaj Ka Hero:
Sell Hindalco Futures: Stop Loss 204 and target 198, 196. Metals weak, CLSA reduces the target to 180 from 195.
08:42 AM IST