Anil Singhvi’s Market Strategy August 17: Banks and NBFCs are positive; Axis Bank & Union Bank are stocks of the day

The benchmark domestic share indices on Thursday closed with losses amid weak Asian stocks. The S&P BSE Sensex ended down by 0.50 per cent or 188.44 points at 37,663.56. 

The Nifty 50 at the National Stock Exchange also slipped 0.44 per cent or 50.05 points to 11,385.05 while the Nifty Bank also crawled down by 0.70 per cent or 195.15 points to close at 27,826.55. In secondary indices at BSE, Mid Cap slipped 0.48 per cent while Small Cap fell 0.42 per cent.

However, positive global, neutral domestic institutional investors (DIIs), future and options (F&O) and negative foreign institutional investors (FII) cues hint that the short-term trend of the Indian market will be neutral on August 17, 2018. But the traders are advised to be cautious while trading in the market today.  

Zee Business Managing Editor Anil Singhvi's Market Strategy for August 17: 
The deciding levels on Nifty and BankNifty stand at 11,400 and 28,000. 
The small trading range on Nifty stands at 11,370-11,450 while the bigger range lies between 11,340-11,500. 
In the case of BankNifty, the small trade range rests between 27,800-28,025 and the bigger range lies at 27,740-28,125. 
Signals of fresh weakness will be visible if Nifty and BankNifty trades below 11,340 and 27,740 respectively. 
Traders should reduce their buying positions on Nifty and BankNifty if the two indices close below the mark of 11,350 and 27,800 respectively. 
Traders can increase their buying positions if Nifty and BankNifty close above 11,425 and 28,125. 
 
Buy and Sell strategy on Nifty 
Buy Nifty with a stop loss of 11,350 and a target of 11,425-11,450-11,475. 
Sell Nifty in 11,475-11,500 range with a stop loss of 11,525 and a target of 11,450-11,425.
 
Buy and Sell strategy on BankNifty 
Buy BankNifty with a stop loss of 27,750 with a target of 28,025-28,125. 

The put-call ratio (PCR) for today stands at 1.60 and the volatility index (VIX) is 13.65. 

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Sectors:
Positive: Banks, NBFC
Enters F&O Ban: Jain Irrigation
Out of F&O Ban: PNB
3 Already in Ban: Adani Enterprises, Adani Power, Jet Airways

Stock of the Day:
Buy Axis Bank Cash: Stop loss 623 and target 635, 645, 655
Axis Bank to sell 12 NPA accounts to ARCs
Buy Union Bank Cash: Stop loss 84 and target 87
Government to relax PCA rules