Anil Singhvis Strategy October 16: Market Trend & Sentiments are Positive; Buy MCX Futures with Stop Loss of 1010
On account of positive DIIs and FIIs, neutral F&O, the short-term trend of Indian share market will be positive, says Zee Business Managing Editor Anil Singhvi.
Amid positive global markets, domestic institutional investors (DIIs), foreign institutional investors (FIIs) and sentiment, neutral futures and options (F&O) cues, the short-term trend of Indian share market will be positive on Wednesday, October 16, 2019.
Earlier on Tuesday, October 15, 2019, the equity benchmarks closed with marginal gains of around 0.75% amid mixed cues from Asian stocks and positive global sentiments. BSE Sensex surged 291.62 points or 0.76% to end at 38,506.09. The NSE Nifty also added 87.15 points or 0.77% to settle at 11,428.30. Similarly, Bank Nifty climbed 373.15 points or 1.32% to close at 28,555.10.
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Zee Business's Managing Editor Anil Singhvi's Market Strategy for October 16:
Strong buy zone on Nifty 11,250-11,300 and on Bank Nifty is 28,050 -28,200.
Higher zone on Nifty 11,500-11,550 and on Bank Nifty is 28,850-29,000.
Small day range for trading on Nifty stands at 11,400-11,460 while the medium and bigger ranges lie between 11,350-11,500 and 11,300-11,550.
Small day range for trading on Bank Nifty stands at 28,400-28,750 while the medium and bigger ranges lie between 28,200-28,850 and 28,050-28,950.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,300
Bank Nifty intraday stop loss 28,400 and closing stop loss 28,000.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,500.
Bank Nifty intraday and closing stop loss 28,800.
For New Positions:
Buy Nifty with a stop loss of 11,340 and target 11,475, 11,500, 11,550.
Sell Nifty in 11,500-11,550 range with a stop loss of 11,600 and target 11,450, 11,425.
Buy Bank Nifty with a stop loss of 28,400 and target 28,700, 28,800, 28,950.
Sell Bank Nifty in 28,800-29,000 range with a stop loss of 29,100 and target 28,750, 28,550, 28,400, 28,200.
The put-call ratio (PCR) is 1.32 and the volatility index (VIX) is 16.85.
Result Analysis:
Wipro Futures: Margins better than expectation, Guidance improved. Range 235-240 lower range. 255-260 higher zone.
Stock of the Day:
Buy MCX Futures: Stop loss 1010 and target 1035, 1045, 1060. Excellent operational results.
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