Anil Singhvi’s Strategy May 29: Market Sentiment & Trend are Positive; Sell Maruti Futures with Stop Loss 7100

Amid neutral domestic institutional investors (DIIs) and futures and options (F&O), negative global market and foreign institutional investors (FII) cues, the short-term trend and sentiments of the domestic Indian market will be positive on Wednesday, May 29, 2019.

‪Earlier on Tuesday, May 28, 2019, the benchmark indices, Sensex and Nifty, logged fresh record highs for the third day in a row. The Sensex at Bombay Stock Exchange ended 66.44 points up at 39,749.73. The broader Nifty 50 also gained four points to settle at 11,928.75. On the other hand, Nifty Bank declined 49.75 points to close at 31,597.90

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 29:  
11,900 and 31,500 are deciding levels on Nifty and Bank Nifty respectively. 
The small and medium day range for trading on Nifty lies between the mark of 11,900-11,950 and 11,850-12,000 respectively. The bigger range stands at 11,800-12,050. 
The small and medium day range for trading on Bank Nifty lies between the mark of 31,500-31,700 and 31,300-31,800 respectively. The bigger range stands at 31,150-31,950. 
Strong support zone on the two indices, Nifty and Bank Nifty lies between 11,800-11,850 and 31,150-31,300 respectively. 

For Existing Long Positions:
Nifty intraday and closing basis stop loss 11,800. 
Bank Nifty intraday and closing basis stop loss 31,150.

For Existing Short Positions:
Nifty intraday and closing basis stop loss 119,75.
Bank Nifty intraday and closing basis stop loss 31,750. 

For New Positions:
Buy Nifty in 11,825-11,875 range with a stop loss of 11,800 and target 11,925, 11,950.
Sell Nifty in 11,950-12,000 range with a stop loss of 12,050 and target 11,900, 11,875. 
Buy Bank Nifty in 31,200-31,300 range with a stop loss of 31,100 and target 31,500, 31,600, 31,700. 
Sell Bank Nifty near 31,700 with a stop loss of 31,750 and target 31,500, 31,300. 
Enters F&O Ban: Nil
Out of Ban: IDBI
2 Already in Ban: Adani Power, PC Jewellers
The put-call ratio (PCR) stands at 1.28 and the volatility index (VIX) is 15.92.

Result Analysis:
Sun Pharma Futures: Weak results as expected, recovery possible after a gap down opening due to short covering. Strong support near 390. 
PNB Futures: Another worse quarter. Jet Airways is still a standard account. Merger overhang. Stock to fall to the 81-83 range. 

Stock of the Day:
Sell Maruti Futures: Stop loss 7100 and target 6900, 6850, 6700. Poor sales, rising competition, production shut down in Manesar and Gurugram. 

Aaj Ka Hero:
Buy NMDC Futures: Stop loss 100 and target 105, 107. Strong results, Iron ore prices on the rise, next quarter should be better.