Anil Singhvi’s Strategy March 2: Nifty Day support zone 16,600-16,650 and 16,425-16,475

Amid negative global markets, foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral future & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be negative on Wednesday, March 2, 2022.

Domestic equity markets gained more than half a per cent on Monday, February 28, 2022. Both stocks, Sensex and Nifty 50, rose amid mixed global cues. The BSE Sensex reclaimed the 56,000 mark and the NSE Nifty settled near the 16,800 level.

See Zee Business Live TV Streaming Below:

The Sensex climbed 388.76 points, or 0.70 per cent to trade at 56,247.28. The Nifty also surged 135.50 points, or 0.81 per cent, to 16,794. In the sectoral indices at NSE, the Bank Nifty index fell 225.45 points, or 0.62 per cent, to end at 36,205.30. In the broader markets, the S&P BSE MidCap index gained 0.83 per cent while the S&P BSE SmallCap index rose 0.80 per cent.

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

Nifty Day support zone are 16,600-16,650 and 16,425-16,475, below that 16,250-16,350 is a strong Buy zone.

Nifty higher zone 16,975-17,075, above that 17,150-17,250 is a strong Sell zone.

Bank Nifty support zone are 35,625-35,775 and 35,000-35,225, below that 34,400-34,600 is a strong Buy zone.

Bank Nifty higher zone are 36,275-36,425 and 36,700-36,900, above that 37,300-37,525 is a strong Sell zone.

Nifty support levels are 16,750, 16,700, 16,650, 16,600, 16,475, 16,425, 16,350.

Nifty higher levels are 16,850, 16,975, 17,050, 17,100, 17,150, 17,200.

Bank Nifty support levels are 36,025, 35,775, 35,625, 35,550, 35,425, 35,225, 34,975.

Bank Nifty higher levels are 36,425, 36,675, 36,800, 36,900, 37,150, 37,300, 37,375, 37,525.

FIIs long position at 58% Vs 62%

PCR at 1.06 Vs 1.02.

India VIX UP by 7% at 28.57.

For Existing Long Positions:

Nifty Intraday stop loss is 16,475 and Closing stop loss is 16,650.

Bank Nifty Intraday and Closing stop loss are 35,500.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 16,875.

Bank Nifty Intraday and Closing stop loss are 36,750.

No stock in F&O Ban