Anil Singhvi’s Strategy February 6: Banks and IT are Positive; Sell Tata Chemicals Futures with Stop Loss 650

Indian domestic markets closed in green with a marginal slight growth on February 5, 2019. The BSE Sensex gained 34.07 points, or 0.09 per cent, to end at 36,616.81 while Nifty 50 rose 22.10 points, or 0.20 per cent, and closed at 10,934.35. Nifty Bank closed at the mark of 27,271.70 after going up by 85.10 points, or 0.31 per cent.

Amid positive global market, foreign institutional investors (FII) and sentiments, neutral domestic institutional investors (DIIs), future and option (F&O) cues, the short-term trend of the Indian market will be positive on February 6, 2019.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for February 6:

10,900 and 27,250 are going to be the deciding levels on Nifty and Bank Nifty respectively.

The small and medium trading range on Nifty lies between 10,900-10,975 and 10,875-11,000 respectively while extreme range stands at 10,850-11,050.

In the case of Bank Nifty, the small and medium trading range lies between 27,150-27,350 and 27,050-27,450 respectively while extreme range stands at 27,000-27,600.

Traders are advised to close their buying positions if Nifty and Bank Nifty closes below the mark of 10,825 and 27,150.
Buy and Sell Strategy on Nifty

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— Zee Business (@ZeeBusiness) February 6, 2019

Buy Nifty with a stop loss of 10,875 and target 10,975, 11,000.

Sell Nifty in 10,975-11,000 range with a stop loss of 11,050 and target 10,950.

Buy and Sell Strategy on Nifty Bank

Buy Bank Nifty with a stop loss of 27,150 and target 27,350, 27,450, 27,500.

Sell Bank Nifty in 27,450-27,550 range with a stop loss of 27,650 and target 27,350, 27,250.

The put-call ratio (PCR) stands at 1.68 and the volatility index (VIX) is 15.78.  

Sectors:

Positive: Banks, IT

Negative: Pharma

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— Zee Business (@ZeeBusiness) February 6, 2019

Result Analysis:

Tech Mahindra: Futures range 730 to 770. Strong Dollar revenue growth.

Stock of the Day:

Sell Tata Chemicals futures: Stop loss 650 and target 635, 625, 620. Weak operational performance.

Buy Jubilant Food futures: Stop loss 1290 and target 1340, 1355. Promoters decided not to take a royalty.