Anil Singhvi’s Strategy June 4: Market Trend and Sentiment are Positive; Sell Jet Air Cash with Stop Loss 143

Amid positive foreign institutional investors (FII), neutral global market and futures and options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend and sentiments of the domestic Indian market will be positive on Tuesday, June 4, 2019.

In the previous session on June 3, 2019, the benchmark indices closed at all-time highs in the backdrop of three-day Monetary Policy Committee meeting that started yesterday. On the day, the Sensex at the Bombay Stock Exchange surged 553.42 points or 1.39 per cent to close at an all-time high of 40,267.62. The Nifty 50 gained 165.75 points or 1.39 per cent to 12,088.55. Similarly, Bank Nifty rose by 278.25 points or 0.89 per cent to settle at 31,653.65. 

Top Sensex gainers of Monday include Hero MotoCorp, Asian Paints, Bajaj Auto, IndusInd Bank and Indiabulls Housing Finance and they rose more than 3 per cent. 

The Reserve Bank of India’s Monetary Policy Committee (MPC) is slated to announce its bi-monthly policy on Thursday, June 6, 2019. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 4:
The small and medium day range for trading on Nifty lies between 12,040-12,100 and 12,000-12,175 respectively. The bigger range stands at 11,925-12,200.
The small and medium day range for trading on Bank Nifty lies between 31,500-31,650 and 31,350-31,700 medium range. The bigger range stands at 31,250-31,775. 
Important support zone on the two indices, Nifty and Bank Nifty, lies between 11,925-11,950 and 31,250-31,350. 
PCR at 1.76, be on an alert at the higher level. 

For Existing Long Positions:
Nifty intraday 12,000 and closing basis stop loss 11,925. 
Bank Nifty intraday 31,500 and closing basis stop loss 31,300

For Existing Short Positions:
Nifty intraday and closing basis stop loss 12,100.
Bank Nifty intraday 31,800 and closing basis stop loss 31,650.

For New Positions:
Buy Nifty in 12,000-12,040 range with a stop loss of 11,925 and target 12,100, 12,150. 
Sell Nifty with a stop loss of 12,110 and target 12,050, 12,000. 
Buy Bank Nifty in 31,250-31,350 range with a stop loss of 31,200 and target 31,500, 31,650, 31,750. 
Sell Bank Nifty with a stop loss of 31,725 and target 31,500, 31,375, 31,300. 

No stock in F&O Ban
The put-call ratio (PCR) stands at 1.76 and the volatility index (VIX) is 15.97.

Stock of the Day:
Sell Axis Bank Cash: Stop loss 820 and target 800, 790. Fitch downgraded the rating to BB+ from BBB-

Aaj Ka Hero: 
Sell Jet Air Cash: Stop loss 143 and target 137, 135, 131. Hinduja is not interested in buy stake with debt.