Anil Singhvis Strategy August 6: Metals, Auto, Banks & NBFC are Negative; Sell Hindalco Futures with Stop Loss 178
On account of positive DII, negative global markets, FII, F&O the short-term trend of the Indian markets will be Negative, says Zee Business Managing Editor Anil Singhvi.
Amid positive domestic institutional investors (DIIs), negative global markets, foreign institutional investors (FIIs), futures and options (F&O) and negative sentiment cues, the short-term trend of the domestic Indian markets will be Negative today on Tuesday, August 6, 2019.
Indian equity markets tumbled more than 1% on Monday, August 5, 2019, after recovery in the previous trading session. Sensex, at Bombay Stock Exchange, declined 418.38 points or 1.13% to end at 36,699.84. Nifty at National Stock Exchange also fell 134.75 points or 1.23% to settle at 10,862.60. Bank Nifty tanked 556.90 points or 1.97% to end at 27,648.05.Yes Bank (down 8.21%), UPL (down 5.86%) and Tata Motors (down 5.13%) were the major losers of the day.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 6:
10,800 and 27,500 are deciding levels on Nifty and Bank Nifty today.
The small day range for trading on Nifty stands at 10,775-10,850 while the medium and bigger ranges lie between 10,750-10,900
and 10,725-11,000.
The small and medium day range for trading on Bank Nifty lies between 27,400-27,650 and 27,050-27,850 respectively.
For Existing Long Positions:
Nifty intraday stop loss 10,775 and closing 10,850.
Bank Nifty intraday stop loss 27,350 and closing stop loss 27,650.
For Existing Short Positions:
Nifty intraday stop loss 10,900 and closing stop loss 11,000.
Bank Nifty intraday stop loss 27,650 and closing stop loss 28,000.
For New Positions:
Sell Nifty with a stop loss of 10,900 and target 10,800, 10,750, 10,725.
Sell Bank Nifty with a stop loss of 27,850 and target 27,500, 27,400, 27,050.
The put-call ratio (PCR) stands at 1.02 and the volatility index (VIX) up 9% at 16.58.
Sectors:
Negative: Metals, Auto, Banks, NBFC
Stock of the Day:
Sell Hindalco Futures: Stop loss 178 and target 172, 170. Metal stocks to fall due to global weakness.
Aaj Ka Hero:
Sell Tata Steel Futures: Stop loss 408 and target 390, 385. Metal stocks to fall due to global weakness.
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