Market Guru Anil Singhvi’s Strategy October 29: SC ruling on AGR for Voda-Idea is big negative; Buy Bank Nifty in 29,100 to 29,250 range

On account of progress in the US-China trade talks, global markets are witnessing heavy buying and this caused Asian markets to soar to a three-month high while Wall Street hit its all-time peak yesterday. For October 29 strategy, stock market investors are advised to keep in mind that SC ruling on AGR for Voda-Idea is big negative and there would be a good buying opportunity at BankNifty in the range of 29,100 to 29,250 levels, says Zee Business Managing Editor Anil Singhvi.

Significantly, domestic stock markets rallied on Muhurat trading day, which was Sunday. The BSE Sensex gained 192 points on Muhurat Trading session while the Nifty-50 index topped 11,600 levels. Tata Motors stock skyrocketed nearly 18 per cent on Muhurat Trading. Infosys with 40 points contributed most to the Sensex rally. HDFC Bank, Tata Motors and ITC together contributed nearly 100 points.

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Here is  Market Guru Anil Singhvi’s Strategy October 29:

Nifty 11600-11675 small day range, 11550-11700 medium day range, 11500-11750 Bigger day range

Bank Nifty 29400-29650 small range, 29250-29700 medium day range, 29100-29850 Bigger day range

For Existing Long Positions:
Nifty intraday and closing 11575
BankNifty intraday and closing SL 29100

For Existing Short Positions:
Nifty intraday and Closing SL 11700
BankNifty intraday and Closing SL 29700

For New Positions:
Buy Nifty:
SL 11575 Tgt 11675, 11700, 11725

Sell Nifty in 11700-11725 range:
SL 11750 Tgt 11650

Buy BankNifty in 29100-29250 range:
SL 28900 Tgt 29400, 29500, 29650

Sell BankNifty in 29650-29700 range:
SL 29750 Tgt 29500, 29400

Stock of the day
Sell Bharti Airtel Futures:
Sl 380 Tgt 360, 355, 345
Results postponed due to AGR

Sell Grasim Futures:
Sl 710, Tgt 680, 665
SC ruling on AGR for Voda-Idea is big negative

Aaj ka Hero
Sell Ujjivan Futures:
Sl 285 Tgt 265, 260
RBI observations on IPO DRHP are negative