Anil Singhvi’s Strategy April 24: Cement Sector is Negative; Sell ACC Futures with Stop Loss 1675
Amid neutral foreign institutional investors (FIIs), global market, domestic institutional investors (DIIs), futures & options (F&O) and cautious sentiment cues the short-term trend of the domestic stock markets will be neutral on Wednesday, April 24, 2019.
Amid neutral foreign institutional investors (FIIs), global market, domestic institutional investors (DIIs), futures & options (F&O) and cautious sentiment cues the short-term trend of the domestic stock markets will be neutral on Wednesday, April 24, 2019.
Earlier on Tuesday, April 23, 2019, the domestic stock markets tanked down and closed lower after witnessing some volatility in intraday trade. The BSE Sensex fell 80.30 points or 0.21 per cent to settle at 38,564.88. The Nifty 50 was down by 18.50 points or 0.16 per cent and closed below 11,600-mark at 11,575.95 and Bank Nifty declined 208.25 points or 0.70 per cent to 29,479.70
Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 24:
11,600 and 29,500 are the deciding levels on Nifty and Bank Nifty.
The small day range for trading on Nifty stands at 11,575-11,650. The medium and bigger range for trading lies between 11,550-11,700 and 11,500-11,750.
The small and Medium day range for trading on Bank Nifty lies between 29,450-29,650 and 29,250-29,900.
Strong sell zone on the two indices, Nifty and Bank Nifty, lies between 11,700-11,750 and 29,900-30,000.
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For Existing Long Positions:
Nifty and Bank Nifty Intraday and Closing stop loss already triggered.
For Existing Short Positions:
Nifty Intraday and Closing stop loss 11,700.
Bank Nifty Intraday and Closing stop loss 29,700.
For New Positions:
Buy Nifty with a stop loss of 11,550 and target 11,650, 11,700.
Sell Nifty near 11,700 with a stop loss of 11,750 and target 11,650.
Buy Bank Nifty with a stop loss of 29,400 and target 29,650, 29,800, 29,900.
Sell Bank Nifty in 29,800-29,900 range with a stop loss of 30,050 and target 29,700, 29,500.
The put-call ratio (PCR) stands at 1.30 and the volatility index (VIX) is 24.65 at a higher level.
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Sectors:
Negative: Cement
Enters F&O Ban: Reliance Power
Exit Ban: Reliance Capital
6 Already in Ban: IDBI, PC Jeweller, Vodafone Idea, Jet Airways, DLF, Adani Power
Stock of the Day:
Sell ACC Futures: Stop loss 1675 and target 1640, 1615, 1600. Weak results, higher freight cost, weak realisations.
Aaj Ka Hero:
Sell Tata Global Futures: Stop loss 215 and target 202, 198, 192. Weak volume growth in branded Tea & Coffee business.
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