Anil Singhvi's Market Strategy August 6: Market is positive; HDFC AMC is stock of the day

The Indian domestic stock markets closed with gains after halting the two-day losing streak on Friday. On the day, the BSE Sensex closed after gaining 391 points or 1.05 per cent to close at 37,556.16, while the Nifty 50 went up by 116.10 points or 1.03 per cent and closed at 11,360.80. 

Positive global outlook, sentiments, neutral foreign institutional investors (FII), future and options (F&O) and domestic institutional investors (DIIs) cues hints that the short term trend of the domestic market will remain positive on Monday, .i.e. on August 6, 2018. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for August 6: 
11,350 and 27,700 are going to be the deciding level on Nifty and BankNifty respectively. 

The small trading range on Nifty stands at 11,300-11,400 and the bigger range resides between 11250-11450. 

In the case of BankNifty, the small trade range lies at 27,600-27,850 and the bigger range is at 27,500-28,000. 

Important support zone on Nifty and BankNifty lies between 11,250 -11,300 and 27,350-27,500 respectively. 

Anil Singhvi suggests traders to reduce their buying positions on Nifty and BankNifty if they close below the mark of 11,250 and 27,600. However, Put Call Ratio (PCR) is at 1.73, so the traders should be cautious at higher levels. 

Buy and Sell strategy on Nifty 
Buy Nifty with a stop loss of 11,300 and a target of 11,390-11,450. 
Sell Nifty near 11450 with a stop loss of 11,475 and a target of 11,400. 

Buy and Sell strategy on BankNifty 
Buy BankNifty with a stop loss of 27,500  and a target of 27,850-27,950. 
Sell BankNifty near 27950 with a stop loss of 28,050 and a target of 27,850-27,800. 

The put-call ratio (PCR) for August 6 stands at 1.73 and the volatility index (VIX) is 12.03.  

Watch this Zee Business video here:

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Stock of the Day: HDFC AMC and will list in 1600-1650 range. Don’t sell at the listing, those who missed can buy in 1500-1550 range.