Anil Singhvi’s Strategy March 10: Support zone on Nifty is 16,125-16,250 & Bank Nifty is 33,275-33,550

Amid positive global markets, domestic institutional investors (DIIs), sentiment, negative foreign institutional investors (FIIs) and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Thursday, March 10, 2022.

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The benchmark indices, the Sensex and the Nifty 50, on Wednesday, March 9, 2022, surged more than two per cent amid mixed cues from the global share markets. The BSE Sensex finished above 54,600 points while the NSE Nifty ended near the 16,350 level.

The Sensex rose 1223.24 points, or 2.29 per cent, to close at 54,647.33. The Nifty also gained 331.90 points, or 2.07 per cent, to settle at 16,345.35. In the sectoral indices at NSE, the Bank Nifty index added 657.35, or 1,.98 per cent, to finish at 33,815.45.  

In the broader market at the BSE, the Mid-Cap climbed 2.37 per cent and the Small-Cap index surged 2.16 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 10:

Nifty support zone is 16,125-16,250, Below that 15,950-16,025 is a strong buy Zone.

Nifty higher zone is 16,600-16,650, Above that 16,750-16,825 is a Profit booking zone.

Bank Nifty support zone is 33,275-33,550, Below that 32,875-33,150 is a strong buy zone.

Bank Nifty higher zone is 34,400-34,600, Above that 34,900-35,100 is a profit booking zone.

Nifty support levels are 16,350, 16,250, 16,200, 16,125, 16,025, 15,950.

Nifty higher levels are 16,450, 16,500, 16,600, 16,650, 16,750, 16,800, 16,850.

Bank Nifty support levels are 33,850, 33,550, 33,275, 33,150, 32,950, 32,875.

Bank Nifty higher levels are 34,100, 34,400, 34,600, 34,700, 34,900, 35,100, 35,225, 35,375.

FIIs index long position at higher levels 40% Vs 38%.

PCR light & comfortable at 0.92 Vs 0.75.

India VIX down by -4% at 27.47.

For Existing Long Positions:

Nifty Intraday stop loss is 16,200 and Closing stop loss is 16,000

Bank Nifty Intraday stop loss is 33,500 and Closing stop loss is 33,150.

For Existing Short Positions:

Nifty Intraday stop loss is 16,500 and Closing stop loss is 16,650.

Bank Nifty Intraday stop loss is 34,600 and Closing stop loss is 35,000.

For New Positions:

Buy Nifty with a stop loss of 16,200 and target 16,500, 16,600, 16,650, 16,675, 16,750, 16,800, 16,825.

Sell Nifty in 16,750-16,825 range with a stop loss of 16,900 and target 16,675, 16,650, 16,600, 16,500, 16,450, 16,425, 16,350.

For New Positions:

Buy Bank Nifty with a stop loss of 33,500 and target 34,400, 34,600, 34,700, 34,900, 34,950, 35,100, 35,225, 35,375.

Sell Bank Nifty in 34,900-35,225 range with a stop loss of 35,550 and target 34,725, 34,600, 34,425, 34,100, 34,000, 33,825, 33,550.

No stock in F&O Ban