Anil Singhvi’s Strategy September 26: Metal & Oil Companies are Positive today; Buy Indigo Futures with Stop Loss of 1795

Amid positive global markets, neutral futures and options (F&O) and negative domestic institutional investors (DIIs) and foreign institutional investors (FIIs) cues, the short-term trend of the domestic Indian share market will continue to be positive on Thursday, September 26, 2019, while sentiment is cautious today.

Earlier on Wednesday, September 25, 2019, equity benchmarks, Sensex and Nifty, closed with losses of around 1.3 per cent. Domestic indices declined amid negative global cues and foreign fund outflow. The Sensex at Bombay Stock Exchange lost 503.62 points or 1.29% to end at 38,593.52 while the Nifty at National Stock Exchange fell 148 points or 1.28% to settle at 11,440.20. On the same line, Bank Nifty also lost 597.05 points or 1.98% to settle at 29,586.05.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 26:

Support Zone on Nifty stands at 11,275-11,375 while support level on Bank Nifty resides at the mark of 29,000.
Higher Zone for trading on Nifty and Bank Nifty lies between 11,550-11,600 and 29,850-30,050 respectively.
The small and medium day range for trading on Nifty lies between 11,400-11,500 and 11,375-11,540 while the bigger range stands at 11,275-11,575.
The small and medium day range for trading on Bank Nifty lies between 29,400-29,850 and 29,000-30,050.

For Existing Long Positions:
Nifty intraday and closing stop loss 11,375.
Bank Nifty intraday and closing stop loss 29,400.

For Existing Short Positions:
Nifty intraday and closing stop loss 11,600
Bank Nifty intraday and closing stop loss 30,200

For New Positions:
Buy Nifty with a stop loss of 11,375 and target 11,500, 11,540, 11,575.
Sell Nifty in 11,540-11,575 range with a stop loss of 11,600 and target 11,500, 11,475, 11,450.
Buy Bank Nifty with a stop loss of 29,400 and target 29,750, 29,850, 30,050.
Sell Bank Nifty in 29,850-30,050 range with a stop loss of 30,200 and target 29,750, 29,600, 29,500.

Sectors:
Positive: Metals, Oil Companies

No stock in F&O Ban
The put-call ratio (PCR) is at 1.28 and the volatility index (VIX) is 16.17.

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Stock of the Day:
Buy Indigo Futures: Stop loss 1795 and target 1830, 1850. Lower crude, stable rupee, Morgan Stanley upgrades with 2261 target.