Anil Singhvi’s Strategy July 31: Private Banks & NBFC are Negative; Sell Axis Bank Futures with Stop Loss 710

Amid positive domestic institutional investors (DIIs), neutral global markets, futures and options (F&O), foreign institutional investors (FIIs) and negative sentiment cues, the short-term trend of the domestic Indian markets will be Negative today on Wednesday, July 31, 2019.

Benchmark domestic indices on Tuesday, July 30, 2019, closed with losses for the second session in a row even as cues from Asian stocks were positive. The Sensex at the Bombay Stock Exchange declined 289.13 points, or 0.77 per cent, to end at 37,397.24. The Nifty at National Stock Exchange also depreciated 103.80 points, or 0.93 per cent, to settle at 11,085.40 while Bank Nifty declined 504.30 points, or 1.72 per cent, and closed at 28,791.60. 

Bharti Airtel (up 3.99 per cent) and TCS (up 2.17 per cent) were the top gainers of the day while Yes Bank (down 9.45 per cent), IndusInd Bank (down 7.16 per cent), Indiabulls Housing Finance (down 6.57 per cent) and Hero MotoCorp (down 5.59 per cent) were the top losers. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for July 31:
The small day range for trading on Nifty stands at 11,050-11,150 while the medium-range lies between 11,000-11,225. 
The small day range for trading on Bank Nifty stands at 28,700-28,950 while the medium and big ranges lie between 28,650-29,100 and 28,550-29,200 respectively. 
Put-Call Ratio (PCR) 0.97 at very low, short-covering expected at a lower level. 

For Existing Long Positions:
Nifty intraday and closing stop loss 11,000. 
Bank Nifty intraday and closing stop loss 28,700. 

For Existing Short Positions:
Nifty intraday and closing stop loss 11,225. 
Bank Nifty intraday and closing stop loss 29,125. 

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— Zee Business (@ZeeBusiness) July 31, 2019

For New Positions:
Sell Nifty in 11,175-11,200 range with a stop loss of 11,250 and target 11,100, 11,075. 
Buy Nifty with a stop loss of 11,000 and target 11,150, 11,175
Sell Bank Nifty in 29,000-29,100 range with a stop loss of 29,200 and target 28,900, 28,700. 
Buy Bank Nifty near 28,550 with a stop loss of 28,500 and target 28,700, 28,850. 

Sectors: 
Negative: Private Banks, NBFC

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Stock of the Day: Sell Axis Bank Futures: Stop loss 710 and target 675, 655, 630. Weak Results and poor asset quality. 

Aaj Ka Hero: Sell Tech Mahindra Futures: Stop loss 645 and target 625, 615. Margin weak and results below expectation.