Anil Singhvi's Market Strategy for July 16: Short-term trend of market positive; sell PC Jewellers

Indian market on Friday (July 13, 2018) ended in the red. The 30-share S&P BSE Sensex closed 6.78 points or 0.02 per cent down at 36,541.63, while the Nifty 50 went down by 4.30 points or 0.04 per cent to close at 11,018.90. Similarly, BankNifty was down by 90.60 points or 0.34 per cent to end at 26,935.95. 

Amid positive domestic institutional investors (DIIs) sentiments, neutral global, foreign institutional investors(FII) and future and option (F&O) cues, hint that the short-term trend of the Indian market and sentiments thereof are also positive on July 16, 2018. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for July 16: 

11,000 and 27,000 are going to be a deciding level on Nifty and BankNifty respectively. 

Small trade range on Nifty stands between 11,000-11,075 and the bigger range lies between 10,950-11,100. 

In the case of BankNifty, the trading range stands at 26,775-27,150. 

10,950-11000 and 26,775-26,900 are going to be the strong support zone on Nifty and BankNifty respectively. 

Anil Singhvi suggests traders to reduce their buying positions on Nifty and BankNifty if they close below 19,950 and 26,800. 

The Put-call ratio (PCR) stands at 1.79 and thus, the traders are advised to be alert at the higher level. 

Buy and Sell strategy on Nifty 

Buy Nifty with a stop loss of 10,950 with a target of 11,075-11,100-11,125. 
Sell Nifty in 11075-11100 range with a stop loss of 11,150 and a target of 11,025. 

Buy and Sell strategy on BankNity 

Buy BankNifty with a stop loss of 26,775 with a target of 27,000-27,100-27,150. 
Sell BankNifty in 27100-27150 range with a stop loss of 27,250 with a target of 27,000. 

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The put-call ratio (PCR) for July 16 stands at 1.79 and the volatility index (VIX) is 12.30.

Positive: OMC

Negative: Pharma

No fresh entry or exit in Ban

Already in Ban: Jet Airways

Stock of the Day: Sell PC Jewellers, Target Rs 95