Amid positive domestic institutional investors (DIIs), negative global markets, foreign institutional investors (FIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be negative on Friday, February 27, 2020.
The market declined for the fifth straight trading session on Thursday, February 27, 2020. Trading was volatile due to monthly expiry of the February series of derivatives contracts. The indices ended low due to concerns that the global economy could slow down as China struggles to contain the coronavirus outbreak.
At the stock markets, the Sensex at the Bombay Stock Exchange slumped 143.30 points or 0.36% and ended at 39,745.66. The Nifty 50 at the National Stock exchange plunged 45.20 points or 0.39% 11,633.30. Likewise, Bank Nifty lost 119.85 points or 0.40% to settle at 30,187.00.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 28:
Nifty 11,350-11,400 and Bank Nifty 29,625-29,750 next support zone.
Strong selling zone on Nifty is 11,775-11,825 and Bank Nifty is 30,300-30,400.
The small day range for Nifty is 11,500-11,600, while the medium and bigger ranges are 11,400-11,625 and 11,375-11,675 respectively.
The small day range for Bank Nifty is 29,850-30,000, while the medium and bigger ranges are 29,750-30,100 and 29,625-30,300 respectively.
Put-Call Ratio (PCR) High is 1.37, below 11500 levels, OI of total 1.10 crore shares will be at risk.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,535.
Bank Nifty intraday and closing stop loss 29,900.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,700.
Bank Nifty intraday and closing stop loss 30,300.
For New Positions:
Sell Nifty with a stop loss of 11,700 and target 11,525, 11,500, 11,400.
Buy Nifty in 11350-11400 range with a stop loss of 11,300 and target 11,500, 11,525, 11,600.
Sell Bank Nifty with a stop loss of 30,300 and target 29,900, 29,850, 29,750, 29,650.
Buy Bank Nifty near 29,600, for aggressive traders, with strict Stop Loss 29,500 and target 29,750, 29,825, 29,900.
Volatility Index (VIX) 17.77.
Out of F&O Ban: Yes Bank.
Negative: IT, Metals, Auto, Aviation, Banks.
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Stock of the Day:
Sell Bank Nifty Spot levels: Stop loss 30,200 and target 29,850, 29,750, 29,650.
Sell Tata Motors Cash: Stop loss 147 and target 140, 135. Weak due to global concerns.