Anil Singhvi’s Strategy March 2: Day support zone on Nifty is 14,700-14,750 & Bank Nifty is 34,800-35,000

Amid positive global markets, futures & options (F&O), sentiment, neutral foreign institutional investors (FIIs) and domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, March 2, 2021.

Benchmark domestic stocks on Monday, March 1, 2021, climbed one and a half per cent in sync with gains in the global equity markets. Global indices rose amid calm in the rising bond yields and positive reports regarding US stimulus. The BSE Sensex closed 750 points, or 1.53 per cent, up at 49,850 while the NSE Nifty surged 232 points, or 1.6 per cent, to finish at 14,762. The Bank Nifty jumped 492 points, or 1.41 per cent, to close at 35,296.

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The broader market at BSE also gained. The Mid-Cap index ended 1.46 per cent up while the Small-Cap index appreciated 1.61 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 2:

Day support zone on Nifty is 14,700-14,750, below that 14,635-14,675 is strong support zone.

Day higher zone on Nifty is 14,850-14,900, above that 14,975-15,000 is profit-booking zone.

Day support zone on Bank Nifty is 34,800-35,000, below that 34,500-34,650 is the strong support zone.

Day higher zone on Bank Nifty is 35,575-35,750, above that 35,850-36,100 is profit-booking zone.

The small day range for trading on Nifty is 14,750-14,850, while the medium and bigger ranges are 14,700-14,900 and 14,635-14,975, respectively. 

The small day range for trading on Bank Nifty is 35,000-35,700, while the medium and bigger ranges are 34,800-35,850 and 34,650-36,000, respectively. 

FIIs increased Index long at 67% vs 61%.

PCR near oversold at 1.05 vs 0.93.

India VIX down by 9% at 25.63.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,700.

Bank Nifty intraday and closing stop loss are 34,975.

For Existing Short Positions:                                         

Nifty intraday and closing stop loss are 14,825.

Bank Nifty intraday and closing stop loss are 35,600.

For New Positions:

Buy Nifty with a stop loss of 14,700 and target 14,800, 14,850, 14,900, 14,925, 14,975.

Sell Nifty in 14,900-14,975 range with a stop loss of 15,025 and target 14,850, 14,800, 14,765, 14,725.

For New Positions:

Buy Bank Nifty with a stop loss of 34,975 and target 35,575, 35,700, 35,750, 35,850, 36,000, 36,100. 

Sell Bank Nifty in 35850-36100 range with a stop loss of 36,150 and target 35,750, 35,700, 35,600, 35,500, 35300

No Stock in F&O Ban

Stock of the Day:

Buy SCI: Stop loss 102 and target 108, 110, 112. The government gets multiple bids for SCI privatization.