Anil Singhvi’s Strategy April 29: Private Banks, NBFCs & Power Companies are Positive; Buy Axis Bank Future with Stop Loss 440

Anil Singhvi’s Strategy April 29: Amid positive global market, domestic institutional investors (DIIs), sentiments and neutral futures & options (F&O) and foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, April 29, 2020.

At the stock markets, the Sensex at the Bombay Stock exchange surged 371.44 points, or 1.17 per cent, to close at 32,114.52, on Tuesday, April 28, 2020. The Nifty at the National Stock Exchange climbed 98.60 points, or 1.06 per cent, to end at 9,380.90. Similarly, Bank Nifty gained 589.95 points, or 2.94 per cent, to settle at 20,671.10.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for April 29:

Strong Support Zone on Nifty is 9,150-9,250 and Bank Nifty is 20,100-20,250.

Higher Zone on Nifty is 9,500-9,600 and Bank Nifty is 21,100-21,400.

The small day range for trading on Nifty is 9,275-9,475, while the medium and bigger ranges are 9,225-9,550 and 9,150-9,600 respectively.

The small day range for trading on Bank Nifty is 20,450-20,900, while the medium and bigger ranges are 20,250-21,100 and 20,100-21,400 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 9,250.

Bank Nifty intraday and closing stop loss 20,200.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,410.

Bank Nifty intraday and closing stop loss 20,800.

For New Positions: 

Buy Nifty with a stop loss of 9,250 and target 9,475, 9,550, 9,600.

Sell Nifty in 9,550-9,650 range with a stop loss of 9,750 and target 9,500, 9,425.

Buy Bank Nifty with a stop loss of 20,200 and target 20,900, 21,100, 21,400.

Sell Bank Nifty in 21,100-21,400 range with a stop loss of 21,550 and target 20,900, 20,800, 20,700.

Put-Call Ratio (PCR) is 1.46 and the Volatility Index (VIX) down 7% to 35.36.

Sector

Positive: Private Banks, NBFCs, Power Cos.

Result Analysis

Buy Axis Bank Futures: Stop loss 440 and target 465/ 475, 480/495 range. Strong Results, improvement in asset quality. Book Profit after a gap up opening.