Anil Singhvis Strategy August 29: Sugar Sector is Positive; Buy Sun Pharma Futures with Stop Loss 410
On account of the neutral global market, DIIs and F&O and negative FIIs, the short-term trend of the domestic Indian markets will be neutral, says Zee Business Managing Editor Anil Singhvi.
Amid neutral global market, domestic institutional investors (DIIs) and futures and options (F&O) and negative foreign institutional investors (FIIs) cues suggest that the short-term trend of the domestic Indian markets will be neutral on Thursday, August 29, 2019, while sentiment will be cautious.
Earlier on Wednesday, August 28, 2019, the key equity benchmarks snapped three-day winning streak amid broad-based selling pressure. The Sensex at the Bombay Stock Exchange dropped 189.43 points, or 0.50 per cent, to close at 37,451.84. The Nifty at the National Stock Exchange slipped 59.25 points, or 0.53 per cent, to close at the level of 11,046.10 while Bank Nifty declined 321.85 points or 1.14 per cent and settled at 27,804.30.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 29:
The small day range for trading on Nifty stands at 10,975-11,100 while the medium and bigger range lies between 10,925-11,150 and 10,850-11,200.
The small day range for trading on Bank Nifty stands at 27,650-27,950 while the medium and bigger range lies between 27,500-28,100 and 27,250-28,250.
Higher zone on the two indices, Nifty and Bank Nifty, stands at 11,150-11,175 and 28,100-28,250 respectively.
For Existing Long Positions:
Nifty intraday and closing stop loss 10,975.
Bank Nifty intraday and closing stop loss 27,600.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,150.
Bank Nifty intraday and closing stop loss 28,150.
For New Positions:
Buy Nifty in 10,925-11,000 range with a stop loss of 10,900 and target 11,050, 11,100, 11,125.
Sell Nifty in 11,100-11,150 range with a stop loss of 11,200 and target 11,100, 11,050.
Buy Bank Nifty in 27,500-27,650 range with a stop loss of 27,450 and target 27,800, 27,950.
Sell Bank Nifty in 27,950-28,150 range with a stop loss of 28,250 and target 28,050, 27,950, 27,800.
Sector:
Positive: Sugar
Negative: Auto
No stock in F&O Ban
Stock of the Day:
Sell Indiabulls Housing Futures: Stop loss 470 and target 450, 440, 430. Stock going out of Nifty from September 27.
Aaj Ka Hero:
Buy Sun Pharma Futures: Stop loss 410 and target 425, 430. The company gets a clean chit from SEBI in corporate governance issue.
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