Anil Singhvi’s Strategy March 17: Support zone on Nifty is 16,925-16,975 & Bank Nifty is 35,650-35,750

Amid positive global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral Thursday, March 17, 2022.

Domestic equity markets on Wednesday, March 16, 2022, climbed more than one and a half per cent in sync with the rise in other Asian share markets. Global stocks yesterday climbed amid attractive valuations as in previous sessions share markets worldwide witnessed heavy losses. The S&P BSE Sensex closed above 56,800 points while the NSE Nifty ended above the 16,950 level.

The Sensex climbed 1039.80 points, or 1.86 per cent, to trade at 56,816.65. The Nifty was also up 312.35 points, or 1.87 per cent, to trade at 16,975.35. In the sectoral indices, Bank Nifty surged 725.60 points, or 2.07 per cent, to close at 35,748.25.

In the broader market at the BSE, the Mid-Cap climbed 1.8 per cent and the Small-Cap index surged 1.47 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 17:

Nifty support zone is 16,925-16,975, below that 16,800-16,875 is a strong Buy Zone.

Nifty higher zone is 17,200-17,275, above that 17,300-17,375 is a Profit booking zone.

Bank Nifty support zone is 35,650-35,750, below that 35,325-35,475 is a strong Buy zone.

Bank Nifty higher zone are 36,425-36,650 and 36,800-36,900, above that 37,225-37,375 is a Profit booking zone.

Nifty support levels are 16,975, 16,925, 16,875, 16,800.

Nifty higher levels are 17,100, 17,150, 17,200, 17,250, 17,275, 17,300, 17,325, 17,375, 17,450.

Bank Nifty support levels are 35,750, 35,650, 35,450, 35,325.

Bank Nifty higher levels are 36,025, 36,200, 36,365, 36,425, 36,525, 36,650, 36,800, 36,900, 37,050, 37,150, 37,225, 37,375.

FIIs Index Long position at 46% Vs 41%.

PCR at 1.06 vs 0.90.

India VIX down by 10% at 24.12.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 16,975.

Bank Nifty Intraday and Closing stop loss are 35,750.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,100.

Bank Nifty Intraday and Closing stop loss are 36,025.

For New Positions:

Buy Nifty with a Strict stop loss of 16,975 and target 17,200, 17,250, 17,275, 17,300, 17,325, 17,350, 17,375, 17,450.

Sell Nifty in 17,350-17,450 range with a Strict stop loss of 17,550 and target 17,300, 17,250, 17,200, 17,150, 17,100, 17,075, 17,025.

For New Positions:

Buy Bank Nifty with a Strict stop loss of 35,750 and target 36,365, 36,425, 36,525, 36,650, 36,800, 36,900, 37,050, 37,150, 37,225.

Aggressive Traders Sell Bank Nifty in 36,800-36,900 range with a Strict stop loss of 37,250 and target 36,650, 36,525, 36,425, 36,375, 36,200, 36,025, 35,750.

F&O Ban Update:

Already in Ban: Balrampur Chini

New in Ban: Nil

Out of Ban: Nil