Anil Singhvi’s Strategy March 9: Sell SBI Futures with Stop Loss 272

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 Monday, March 9, 2020.

Steel sell-off swept the domestic stocks markets on Friday, March 6, 2020, forcing equity indices to settle with deep cuts amid fears about the spread of coronavirus and placement of Yes Bank under a moratorium by the Reserve Bank of India (RBI). Benchmark indices, however, trimmed losses in mid-afternoon after FM Nirmala Sitharaman assured that every depositor's money is safe in Yes Bank.

Domestic equity benchmark Sensex plunged 893.99 points or 2.32% to 37,576.62, its lowest closing level since 7 October 2019. The Nifty 50 index registered a fall of 279.55 points or 2.57% to 10,989.45, its lowest closing level since 19 September 2019. Likewise, Nifty Bank also fell 1,013.85 points or 3.59% to 27,801.45.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 9:

Last support zone on Nifty is 10,675-10,750 and Bank Nifty is 26,650-26,750.

Below that, next Important support is 10,350-10,450 range. 

The small day range for trading on Nifty today is 10,750-10,825, while the medium and bigger ranges are 10,700-10,975 and 10,675-11,035 respectively.

 The small day range for trading on Bank Nifty today is 27,150-27,800, while the medium and bigger ranges are 26,750-28,000 and 26,650-28,125 respectively.

 Put-Call Ratio (PCR) High 1.25, Volatility Index (VIX) up by 10% 25.64

For Existing Long Positions:

Nifty intraday and closing stop loss 10,825.

Bank Nifty intraday and closing stop loss 27,150.

For Existing Short Positions:

Nifty intraday and closing stop loss 11,035.

BankNifty intraday and closing stop loss 28,050.

For New Positions:

Sell Nifty with a stop loss of 11,000 and target 10,825, 10,750, 10,700, 10,675.

Buy Nifty in 10,675-10,700 range, if opens below 10650, don’t buy, with a stop loss of 10,650 and target 10,800, 10,850, 10,875.

Sell Bank Nifty and closing stop loss 28,050 and target 27,150, 27,000, 26,750, 26,650. 

Buy Bank Nifty in 26,650-26,750 range, if opens below 26,650, don’t buy, with a stop loss of 26,500 and target 27,000, 27,150, 27,400.

Yes Bank is out of F&O Ban

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Stock of the Day:

Sell SBI Futures: Stop loss 272 and target 263, 260. Sell Sell Sell….