Anil Singhvi’s Strategy March 22: Support zone on Nifty is 16,975-17,075 & Bank Nifty is 35,650-35,750

Amid negative global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), future & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral Tuesday, March 22, 2022.

At the stock markets, the S&P BSE Sensex and the Nifty 50, on Monday, March 21, 2022, lost nearly one per cent, each. The Sensex declined 571.44 points, or 0.99 per cent, to end at 57,292.49. The Nifty dropped 169.45 points, or 0.98 per cent, to 17,117.60. In the sectoral indices at the NSE, the Bank Nifty index lost 410.05 points, or 1.13%, to end at 36,018.50.

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In the broader market, the BSE Mid-Cap index slipped 0.68% and the BSE Small-Cap index rose 0.38%.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 22:

Nifty support zone is 16,975-17,075, below that 16,825-16,875 is a strong Buy Zone.

Nifty higher zone is 17,175-17,275, above that 17,350-17,450 is a strong Sell 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 is 36,250-36,425, above that 36,600-36,900 is a strong Sell zone.

Nifty support levels are 17,075, 17,025, 16,975, 16,925, 16,875, 16,825.

Nifty higher levels are 17,175, 17,275, 17,350, 17,450.

Bank Nifty support levels are 35,900, 35,800, 35,750, 35,650, 35,475, 35,325, 35,025.

Bank Nifty higher levels are 36,250, 36,375, 36,425, 36,600, 36,800, 36,900.

FIIs Index Long position at 56% Vs 57%.

PCR light and comfortable at 0.87 Vs 1.33.

India VIX up by 9% at 24.62.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 16,950.

Bank Nifty Intraday and Closing stop loss are 35,700.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,375.

Bank Nifty Intraday and Closing stop loss are 36,650.

For New Positions:

Buy Nifty in 16,875-16,975 range with a stop loss of 16,800 and target 17,025, 17,075, 17,125, 17,175, 17,275, 17,350.

Sell Nifty in 17275-17350 range with a stop loss of 17,450 and target 17,175, 17,125, 17,100, 17,025, 16,975.

Aggressive Traders Sell Nifty on Gap-up Opening with a strict stop loss of 17,375 and target 17,025, 16,975, 16,925, 16,875, 16,825.

For New Positions:

Buy Bank Nifty in 35,325-35,475 range with a stop loss of 35,000 and target 35,650, 35,750, 35,800, 35,900, 36,000.

Aggressive Traders Buy Bank Nifty with a strict stop loss of 35,700 and target 36,250, 36,375, 36,425, 36,600, 36,800.

Sell Bank Nifty in 36425-36600 range with a stop loss of 36,900 and target 36,375, 36,275, 36,025, 35,900, 35,800, 35,750.

Aggressive Traders Sell Bank Nifty on Gap-up Opening with a strict stop loss of 36,650 and target 35,900, 35,800, 35,750, 35,650, 35,475, 35,325, 35,025.

F&O Ban Update:

New in Ban: Delta Corp, Balrampur Chini

Already in Ban: Indiabulls Housing Finance

Out of Ban: Nil