Anil Singhvi’s Strategy May 19: Amid positive global markets, futures & options (F&O), sentiment, neutral domestic institutional investors (DIIs), and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be negative on Tuesday, May 19, 2020.
Domestic equity benchmarks Monday, May 18, 2020, plunged around three and half a per cent amid extension of lockdown in the country and the increasing number of Coronavirus cases worldwide. Local share market indices declined even as global cues were positive. Sensex at Bombay Stock Exchange fell 1,068.75 points, or 3.44 per cent, to 30,028.98. Similarly, the Nifty at National Stock Exchange settled 313.60 points, 3.43 per cent down, at 8,823.25. Bank Nifty fell 1,260.75 points, or 6.69 per cent, to 17,573.20.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for May 19:
Day Support Zone on Nifty is 8,750-8,825 and Higher Range is 9,000-9,200.
Day Support Range on Bank Nifty is 17,100-17,500 and Higher Range is 18,250-18,650.
The small day range for trading on Nifty is 8,925-9,000, while the medium and bigger ranges are 8,825-9,050 and 8,750-9,150 respectively.
The small day range for trading on Bank Nifty is 17,600-18,000, while the medium and bigger ranges are 17,500-18,250 and 17,100-18,500 respectively.
Market to be bullish again if Nifty and Bank Nifty will close above 9,200 & 19,000.
Put-Call Ratio (PCR) oversold at 0.95, Short Covering expected, Volatility Index (VIX) shot up 8% at 40.92
For Existing Long Positions:
Nifty intraday and closing stop loss are 8,800.
Bank Nifty intraday and closing stop loss are 17,500.
For Existing Short Positions:
Nifty intraday stop loss is 9,050 and closing stop loss is 9,200.
Bank Nifty intraday and closing stop loss are 18,000.
For New Positions:
Buy Nifty with a stop loss of 8,800 and target 9,000, 9,050, 9,125, 9,150.
Sell Nifty in 9,050-9,150 range with a stop loss of 9,200 and target 9,000, 8,925, 8,825.
Buy Bank Nifty with a stop loss of 17,500 and target 18,000, 18,250, 18,500, 18,650.
Sell Bank Nifty in 18,250-18,500 range with a stop loss of 18,700 and target 18,000, 17,850, 17,600.
No Stock in F&O Ban
Bharti Airtel Futures: Strong operational performance. ARPU at 154 is a big surprise. Higher Range 555, 565, 570, Keep Stop Loss 535. Book Profit at a higher level.
Stock of the Day:
Buy RIL Futures: Stop loss 1435 and target 1465, 1480. RIL looking strong and can push Nifty higher.