Anil Singhvi’s Strategy May 12: Day Support Zone on Nifty is 9,025-9,125; Sell Piramal Enterprises Futures with Stop Loss 930

Anil Singhvi’s Strategy May 12: Amid positive foreign institutional investors (FIIs), neutral global markets, futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be Neutral on Tuesday, May 12, 2020, while the sentiment is cautious.

Domestic equity benchmarks on Monday, May 11, 2020, fell marginally amid mixed global markets. Sensex at Bombay Stock Exchange ended 81.48 points, or 0.26 per cent, down at 31,561.22. Similarly, the Nifty at National Stock Exchange slipped 12.30 points, or 0.13 per cent, to close at 9,239.20. The Nifty opened with strong gains, tracking positive global stocks and hit the day’s high of 9,439.90 in early session. The Nifty slipped below 9300-mark as selling pressure intensified in banks shares in afternoon trade. The index slipped into negative terrain and hit the day's low of 9,219.95 in late trade. Likewise, Bank Nifty lost 402.40 points, or 2.08 per cent, and settled at 18,950.50. 

See Zee Business Live TV streaming below:

Zee Business's Managing Editor Anil Singhvi's Market Strategy for May 12:

Day Support Zone on Nifty is 9,025-9,125 and the higher range is 9,375-9,450.

Day Support Zone Bank Nifty is 18,400-18,600 and the higher range is 19,250-19,500.

The small day range for trading on Nifty is 9,175-9,300, while the medium and bigger ranges are 9,125-9,375 and 9,025-9,450 respectively. 

The small day range for trading on Bank Nifty is 18,700-19,050, while the medium and bigger ranges are 18,550-19,250 and 18,400-19,350 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 9,175.

Bank Nifty intraday and closing stop loss 18,900.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,300.

Bank Nifty intraday and closing stop loss 19,350. 

For New Positions:

Sell Nifty with a stop loss of 9,400 and target 9,175, 9,125, 9,050. 

Buy Nifty in 9025-9125 range with a stop loss of 8,900 and target 9,175, 9,250, 9,300.

Sell Bank Nifty with a stop loss of 19,350 and target 18,800, 18,700, 18,550, 18,400.  

Buy Bank Nifty 18,400-18,600 with a stop loss of 18,200 and target 18,700, 18,800, 18,900.

Put-Call Ratio (PCR) is 1.26 and the Volatility Index (VIX) down 1% at 38.04.

Enter F&O Ban: Vodafone Idea

Result Analysis:

Sell Piramal Enterprises Futures: Stop loss 930 and target 865, 840. A big part of the loan book is under moratorium. Weak Outlook.