Anil Singhvi’s Strategy March 31: Strong Sell Zone on Nifty is 8,550-8,750 & Bank Nifty is 19,600-20,000

Anil Singhvi’s Strategy March 31: Amid positive domestic institutional investors (DIIs), neutral global markets, futures & options (F&O) and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be negative on Tuesday, March 31, 2020, while sentiment is cautious.

Domestic shares tumbled on Monday, March 30, 2020, the coronavirus pandemic continued to spook investors. Market participants were concerned about the rising number of COVID-19 cases and the economic fallout of the worldwide lockdowns. It also felt an impact of the statement made by IMF chief Kristalina Georgieva that the world is in the face of a devastating impact due to the Coronavirus (COVID-19) pandemic and has clearly entered a recession.

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The barometer index, the S&P BSE Sensex, slumped 1,375.27 points or 4.61% at 28,440.32. After hitting an intraday high of 8,576, the Nifty ended below the 8,300-mark. The Nifty 50 index shed 379.15 points or 4.38% at 8,281.10. Bank Nifty fell 1,186.60 points or 6.06% to 18,782.40.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 31:

Day Support Zone on Nifty is 7,800-8,000, 8,150-8,250 and Bank Nifty is 17,900-18,400, 18,700-19,000. 

Strong Sell Zone on Nifty is 8,550-8,750 and Bank Nifty is 19,600-20,000.

The small day range for trading on Nifty is 8,250-8,400, while the medium and bigger ranges are 8,150-8,550 and 8,000-8,650 respectively.

The small day range for trading on Bank Nifty is 18,700-19,300, while the medium and bigger ranges are 818,400-19,600 and 17,900-20,000 respectively.

For Existing Long Positions:

Nifty intraday and closing stop loss 8,250.

Bank Nifty intraday and closing stop loss 18,400.

For Existing Short Positions:

Nifty intraday and closing stop loss 8,675.

Bank Nifty intraday and closing stop loss 19,700.

For New Positions: 

Buy Nifty in 8,150-8,250 range with a stop loss of 8,000 and target 8,300, 8,400, 8,500, 8,650.

Sell Nifty in 8,550-8,650 range with a stop loss of 8,750 and target 8,500, 8,400, 8,300.

Buy Bank Nifty in 18,400-18,700 range with a stop loss of 17,900 and target 18,900, 19,300, 19,600. 

Sell Bank Nifty in 19,300-19,700 range with a stop loss of 20,000 and target 19,000, 18,700, 18,500, 18,400.

Put-Call Ratio (PCR) High 1.10, Volatility Index (VIX) up by 2% to 71.89.

No stocks in F&O Ban