Anil Singhvi's Market Strategy June 19: Bearish on metals; ICICI Bank stock of the day

The Nifty 50 index ended 17.85 points (0.17%)  down at 10,799.85 and NiftyBank closed down by 8.10 points (0.03%) at 26,409.30 on Monday, June 18, 2018, as the traders turned cautious on prospects of renewed trade war between the US and China. In addition, rupee depreciation against the US dollar also added to the negative sentiment. 

However, amid positive domestic institutional investors (DIIs), neutral Futures and Options (F&O) and foreign institutional investors (FII) outflows, global outlook hints that the short term trend of the Indian market will remain positive on June 19, 2018. 

When it comes to sentiments, the traders are advised to remain cautious while investing in the market today. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for June 19:

10,800 and 26,350 are going to be the deciding levels at Nifty and BankNifty today. 

Small trade range on Nifty is going to be between 10,750-10,835, while 10,700-10,850 will be the bigger trade range

In case of BankNifty, the small trade range stands at 26,250-26,500  and the bigger range will be between 26,150-26,650.

Next support zones on Nifty and BankNifty stands at 10,700-10,725 and 26,250-26,325 respectively. 

10,850-10,875 and 26,550-26,650 are going to be the perfect profit booking zone at Nifty and BankNifty. 

Best short covering level at Nifty stands at 10,700 and in case of BankNifty, it stands at 26,150.

If Nifty and BankNifty close below 10,775 and 26,325 respectively then they should be considered as the first negative sign for the market. 

The mark of 10,775 in Nifty and 26,325 in BankNifty is going to be critical and any fall from here should be treated as a negative sign for the market. 

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Anil Singhvi suggests that traders should reduce their buying positions on Nifty and BankNifty if they close below the mark of 10,800 and 26,350 respectively. He added, the traders should end their positions if Nifty and BankNifty close below 10,700 and 26,250. 

Buy and Sell Strategy at Nifty  

Sell Nifty with a stop loss of 10,835 and target of 10,775-10,750-10,725.
Nifty should be bought in the range of 10,700-10,725 with a stop loss of 10,675 and target of 10,750.

Buy and Sell  Strategy at BankNifty  

Buy BankNifty near 26250 with a stop loss of 26,150 and target of 26,325-26,400.
Sell BankNifty with the stop loss of 26,500 and target of 26,325-26,250-26,150.

The put-call ratio (PCR) for June 19 stands at 1.52 and volatility index (VIX) is 12.38. 

Enters F&O Ban: Infibeam
Out of Ban: Nil
Already In Ban: Dewan Housing Finance Corporation Limited (DHFL), Jet Airways and Just Dial.

Negative: Metals

Stock of the Day: ICICI Bank