Anil Singhvi’s Market Strategy August 10: Market is Positive; Jet Airways is Stock of the Day

S&P BSE Sensex on Thursday crossed 38,000 mark continuing it's record-setting rally while Nifty 50 rose to close near 11,500-pt level. Sensex climbed 0.36 per cent or 136.81 points to 38,024.37 points. Nifty also surged 0.18 per cent or 20.70 points to 11, 470.70 and Nifty Bank saw a jump of 0.92 per cent or 257.55 points to close at 28,320.00. 

In secondary indices at BSE, Mid Cap outperformed the Sensex adding 0.59 per cent while Small Cap was up by 0.29 per cent underperforming, the benchmark index.

Positive sentiments, foreign institutional investors (FII), neutral global, future and options (F&O) and domestic institutional investors (DIIs) cues, hint that the short-term trend of the Indian market will remain positive on August 10, 2018. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 10: 
11,425-11,500 is going to be the small trade range on Nifty while 11,350-11,550 is the bigger range for trading. 
In the case of BankNifty, the small trade range lies between 28,100-28,400 and the bigger trade range lies at 28,000-28,500. 
11,425 and 28,100 should be considered as the first signal of fall on Nifty and BankNifty. 
Important support zone on Nifty and BankNifty lies at 11,350-11,425 and 28,000-28,125  respectively.
Traders are suggested to reduce their buying positions on NIfty and BankNifty if they close below the mark of 11,350 and 28,000. 
Put Call Ratio (PCR) is at 1.80 and thus traders are advised to be on an alert. 

Buy and Sell Strategy on Nifty
Buy Nifty in 11,425-11,450 range with a stop loss of 11,400 and a target of 11,475-11,500. 
Sell Nifty near 11,500 with a stop loss of 11,550 with a target of 11,450-11,425. 

Buy and Sell Strategy on BankNifty 
Buy BankNifty near 28,150 with a stop loss of 28,000 and a target of 28,300-28,350. 
Sell BankNifty with a stop loss of 28,550 with a target of 28,200. 

Watch this Zee Business video here:

 
The put-call ratio (PCR) for August 10 stands at 1.80 and the volatility index (VIX) is 12.68.

Out of F&O Ban: Jet Airways
Already in Ban: Adani Enterprises, Adani Power, PNB
 
Results Impact:
Eicher: Mixed results
Aurobindo Pharma: Weak results, Short covering expected. Support in the 575-585 range
Future Retail: Poor results
 
Stock of the Day:
Short Jet Airways: Target 285-278-265 stop loss of 305