Anil Singhvis Market Strategy August 2: Market set to be positive; Sell Hindalco
After a flat opening and range bound trade throughout the day, the Indian markets closed slightly lower on Wednesday. The S&P BSE Sensex closed down by 84.96 points or 0.23 per cent at 37,521.62, while Nifty 50 went down by 10.30 points or 0.09 per cent to close at 11,346.20.
After a flat opening and range bound trade throughout the day, the Indian markets closed slightly lower on Wednesday. The S&P BSE Sensex closed down by 84.96 points or 0.23 per cent at 37,521.62, while Nifty 50 went down by 10.30 points or 0.09 per cent to close at 11,346.20.
Neutral foreign institutional investors (FII), future and options (F&O), negative domestic institutional investors (DIIs) and global outlook suggest that the short-term domestic market trend is going to be positive on Wednesday, August 2, 2018. However, the traders are advised to be cautious while trading in the market on Thursday, .i.e. on August 2, 2018.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 2:
Deciding level at Nifty and BankNifty stands at 11,300 and 27,600 respectively.
Small trade range on Nifty lies at 11,300-11,400 while 11,250-11,425 will be the bigger trade range.
In the case of BankNifty, the small trade range stands at 27,400-27,800 while 27,250-28,875 will be the bigger range for trading.
11,300 and 27,500 should be considered as the first signal of fall on Nifty and BankNifty.
Important support zone on Nifty and BankNifty lies at 11,250-11,275 and 27,400-27,500 respectively.
Anil Singhvi suggests that traders should reduce their buying positions on Nifty and BankNifty if they close below the mark of 11,300 and 27,600 respectively. However, the traders should end their positions if Nifty and BankNifty close below the mark of 11,175 and 27,400.
Buy and Sell strategy on Nifty
Sell Nifty with a stop loss of 11,400 and a target of 11,300-11,275-11,250-11,200.
Buy Nifty near 11,250 with a stop loss of 11,200 and a target of 11,300.
Watch this Zee Business video here:
Buy and Sell strategy on BankNifty
Sell BankNifty with a stop loss of 27,850 and a target of 27,500-27,400-27,250.
The put-call ratio (PCR) for August 2 stands at 1.72 and the volatility index (VIX) is 12.53.
No stock in F&O Ban today
Sectors:
Negative: Metals
Results Impact:
Pidilite: Slight negative
Reliance Infra: Neutral
Stock of the Day: Sell Hindalco with a target of 200 with a stop loss of 214
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