Anil Singhvi’s Strategy May 17: Market trend is Negative; Buy DHFL Futures with Stop Loss 103

Positive Domestic Institutional Investors (DIIs), neutral global market and futures and options (F&O), negative foreign institutional investors (FII) and cautious sentiment cues suggest that the short-term trend of the Indian market will be negative on Friday, May 17, 2019.  

Supported by the late hour buying, the benchmark domestic indices earlier on Thursday, May 16, 2019, closed in green. Nifty finished above 11,250 level with the support of IT, energy and metal stocks. ZEEL, BPCL, Bajaj Finance, IOC, JSW Steels and Infosys were among the top gainers of the day. The Sensex at the Bombay Stock Exchange was up 278.60 points (0.75%) at 37,393.48. The Nifty 50 rose 100.10 points (0.90%), to settle at 11,257.10 and Bank Nifty gained 238.85 points (0.83%) and closed at 28,855.30. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 17:  
The trend will remain neutral till the two indices, Nifty and Bank Nifty, close below 11,300 and 28,900 respectively. 
The trend will turn positive again only after the two indices will close above the mark of 11,360 and 29,050. 
The small and medium day range for trading on Nifty lies between 11,200-11,300 and 11,150-11,360. 
The small and medium day range for trading on Bank Nifty lies between 28,650-28,950 and 28,500-29,050. 

For Existing Long Positions:
Nifty intraday and Closing basis stop loss 11,150.
Bank Nifty intraday stop loss 28,500 and Closing basis stop loss 28,600. 

For Existing Short Positions:
Nifty Intraday and Closing stop loss 11,300. 
Bank Nifty Intraday and Closing stop loss 29,050. 

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— Zee Business (@ZeeBusiness) May 17, 2019

For New Positions:
Buy Nifty in 11,150-11,200 range with a stop loss of 11,100 and target 11,250, 11,275, 11,300. 
Sell Nifty in 11,300-11,350 range with a stop loss of 11,400 and target 11,250, 11,200. 

Buy Bank Nifty in 28,550-28,650 range with a stop loss of 28,500 and target 28,800, 28,900, 29,000.  
Sell Bank Nifty in 29,000-29,100 range with a stop loss of 29,200 and target 28,900, 28,800. 

The put-call ratio (PCR) stands at 1.44 and the volatility index (VIX) is 28.37.

Enters F&O Ban: Jet Airways

Stock of the Day: Buy DHFL Futures: Stop loss 103 and target 110. DHFL may sell Rs18,000 crore loans to Oaktree Capital. Be alert on higher levels and exit from long positions. 

Aaj Ka Hero: Sell Bank of India Futures: Stop loss 82 and target 78.50, 77. Slow recovery in NPA, Asset quality still concern.