Anil Singhvi’s Strategy March 21: Support zone on Nifty is 17,175-17,275 & Bank Nifty is 36,025-36,275

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and cautious future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral Monday, March 21, 2022.

The domestic stock markets climbed around two per cent on Thursday, March 17, 2022, in sync with gains in global share markets. The barometer index S&P BSE Sensex closed above 57,800 points while the NSE Nifty ended near 17,300 level.

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The Sensex climbed 1047.28 points, or 1.84 per cent, to settle at 57,863.93. The Nifty 50 was also up 311.70 points, or 1.84 per cent, to trade at 17,287.05. In the sectoral indices, the Bank Nifty index grew 680.30 points, or 1.90 per cent, to 36,428.55.

In the broader markets at the BSE, the S&P BSE MidCap rose 1.07 per cent while S&P BSE SmallCap added 1.18 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 21:

Nifty support zone is 17,175-17,275, below that 16,925-16,975 is a strong Buy Zone.

Nifty higher zone is 17,375-17,450, above that 17,500-17,565 is a strong Profit booking zone.

Bank Nifty support zone is 36,025-36,275, below that 35,750-35,850 is strong Buy zone.

Bank Nifty higher zone is 36,800-36,900, above that 37,300-37,500 is a strong Sell zone.

Nifty support levels 17,200, 17,175, 17,100, 17,025, 16,975.

Nifty higher levels are 17,350, 17,375, 17,450, 17,500, 17,565, 17,625.

Bank Nifty support levels are 36,375, 36,275, 36,025, 35,850, 35,750, 35,475, 35,325.

Bank Nifty higher levels are 36,650, 36,800, 36,900, 37,050, 37,150, 37,225, 37,300, 37,500.

FIIs Index Long position at 57% Vs 46%.

PCR on the higher side at 1.33 Vs 1.06.

India VIX is down by 6% at 22.61.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,150.

Bank Nifty Intraday and Closing stop loss are 36,200.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,525.

Bank Nifty Intraday and Closing stop loss are 37,050.

For New Positions:

Buy Nifty with a stop loss of 17,150 and target 17,350, 17,375, 17,450, 17,490, 17,565, 17,625.

Sell Nifty in 17,500-17,625 range with a stop loss of 17,700 and target 17,450, 17,375, 17,350, 17,300, 17,225, 17,175.

For New Positions:

Buy Bank Nifty with a stop loss of 36,200 and target 36,650, 36,800, 36,900, 37,050, 37,150, 37,225, 37,300, 37,400, 37,500.

Sell Bank Nifty in 37,300-37,500 range with a stop loss of 37,550 and target 37,150, 37,050, 36,925, 36,825, 36,650, 36,525, 36,425, 36,275.

Aggressive Traders Sell Bank Nifty in 36,800-36,900 range with a strict stop loss of 37,150 and target 36,650, 36,525, 36,425, 36,375, 36,275, 36,200, 36,025.

F&O Ban Update:

New in Ban: Indiabulls Housing Finance

Out of Ban: Balrampur Chini

Already in Ban: Nil