Anil Singhvi’s Strategy September 9: Auto, Banks, Small Fin Banks are Negative, Sell Maruti Futures with Stop Loss 6250

Amid positive domestic institutional investors (DIIs), neutral global markets, futures and options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the domestic Indian markets will be neutral on Monday, September 9, 2019, while sentiment will remain cautious.

Earlier on Friday, September 6, 2019, the key equity benchmarks ended with modest rise tracking gains in global peers amid easing US-China trade tensions. The barometer index, the S&P BSE Sensex, rose 337.37 points or 0.92% to 36,981.77. The Nifty 50 index rose 98.30 points or 0.91% to 10,946.20 while Bank Nifty gained 328.20 points or 1.22% to settle at 27,247.90.

Maruti Suzuki (up 3.87%), Tech Mahindra (up 3.85%), Tata Steel (up 3.43%), NTPC (up 3.28%) and Axis Bank (up 3.23%) were the top gainers of the day.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for September 9:

Small day range for trading on Nifty stands at 10,900-10,950 while the medium and bigger ranges lie between 10,850-11,000 and 10,825-11,025.

Small day range for trading on Bank Nifty stands at 27,125-27,300 while the medium and bigger ranges lie between 26,950-27,400 and 26,825-27,600.

For Existing Long Positions:

Nifty intraday and closing stop loss 10,840.

Bank Nifty intraday stop loss 26,950 and closing stop loss 26,800.

For Existing Short Positions:

Nifty intraday and closing stop loss 11,025.

Bank Nifty intraday and closing stop loss 27,325.

For New Positions:

Sell Nifty with a stop loss of 11,025 and target 10,900, 10,850.

Buy Nifty in 10,825-10,850 range with a stop loss of 10,800 and target 10,900, 10,925.

Sell Bank Nifty with a stop loss of 27,325 and target 27,125, 26,950, 26,825.

Buy Bank Nifty in 26,750-26,825 range with a stop loss of 26,650 and target 26,950, 27,125, 27,200.

The put-call ratio (PCR) is at 1.3 and the volatility index (VIX) is 16.27.

Sectors:

Positive: Metals

Negative: Auto, Banks, Small Finance Banks.

No stock in F&O Ban

Stock of the Day:

Sell Maruti Futures: Stop loss 6250 and target 6080, 6000, 5950. No GST cut hope, no stimulus package, no scrappage policy, plant shutdown by Maruti over the weekend.

Aaj ka Hero:

Sell Equitas Futures: Stop loss 118 and target 113, 111, 108. No relief from RBI on Small Finance Bank Listing requirement.