Anil Singhvi’s Strategy March 16: Support zone on Nifty is 16,625-16,675 & Bank Nifty is 34,625-34,725

Amid positive global markets, negative foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), future & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be negative on Wednesday, March 16, 2022.

Domestic equity markets on Tuesday, March 15, 2022, declined more than one per cent amid negative cues from the global share markets. The S&P BSE Sensex closed below 55,800 points while the NSE Nifty ended below the 16,700 level. The Sensex plunged 709.17 points, or 1.26 per cent, to settle at 55,776.85. The Nifty 50 also tumbled 208.30 points, or 1.23 per cent, to finish at 16,663. In the sectoral indices at the NSE, the Bank Nifty index fell 289.50 points, or 0.82 per cent, to 35,022.65.

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In the broader markets at the BSE, the S&P BSE MidCap index declined 0.68 per cent while the S&P BSE SmallCap index slipped 0.88 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 16:

Nifty support zone is 16,625-16,675, below that 16,475-16,550 is a strong Buy Zone.

Nifty higher zone is 16,865-16,925, above that 16,975-17,125 is a Profit booking zone.

Bank Nifty support zone is 34,625-34,725, below that 34,225-34,425 is a strong Buy zone.

Bank Nifty higher zone is 35,750-35,975, above that 36,200-36,365 is a Profit booking zone.

Nifty support levels are 16,650, 16,625, 16,600, 16,550, 16,500, 16,475.

Nifty higher levels are 16,750, 16,800, 16,865, 16,925, 16,975, 17,025, 17,075, 17,125.

Bank Nifty support levels are 34,900, 34,725, 34,625, 34,475, 34,425, 34,225, 34,100.

Bank Nifty higher levels are 35,325, 35,625, 35,750, 35,850, 35,975, 36,025, 36,200, 36,365.

FIIs index long position at 41% Vs 45%.

PCR light and comfortable at 0.90 vs 1.13.

India VIX up by 4% at 26.73.

For Existing Long Positions:

Nifty Intraday stop loss is 16,550 and Closing stop loss is 16,600.

Bank Nifty Intraday and Closing stop loss are 34,700.

For Existing Short Positions:

Nifty Intraday stop loss is 17,025 and Closing stop loss is 16,875.

Bank Nifty Intraday stop loss is 35,650 and Closing stop loss is 35,325.

For New Positions:

Buy Nifty with a stop loss of 16,650 and target 16,800, 16,865, 16,925, 16,975, 17,025, 17,075, 17,100.

Sell Nifty in 16975-17150 range with a stop loss of 17,250 and target 16,925, 16,875, 16,800, 16,750, 16,700, 16,675, 16,625, 16,550.

For New Positions:

Buy Bank Nifty with a stop loss of 34,700 and target 35,425, 35,625, 35,750, 35,850, 35,975, 36,025, 36,200, 36,365.

Sell Bank Nifty in 35,975-36,200 range with a stop loss of 36,500 and target 35,850, 35,750, 35,650, 35,475, 35,425, 35,325, 35,050, 34,950, 34,725.

F&O Ban Update:

Already in Ban: Balrampur Chini

New in Ban: Nil

Out of Ban: Nil