Anil Singhvi’s Strategy March 24: Amid negative global markets, domestic institutional investors (DIIs), neutral foreign institutional investors (FIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, March 24, 2021.

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Domestic equity benchmarks ended with decent gains after a volatile session on Tuesday, March 23, 2021. The S&P BSE Sensex rose 280 points, or 0.6 per cent, to close at 50,051. The Nifty 50 advanced 78 points, or 0.5 per cent, to 14,815. The Bank Nifty gained 580.95 points, or 1.73 per cent, to settle at 34,184.40.

In the broader market, the BSE Mid-cap index advanced 1 per cent and the Small-cap index added 0.8 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 24:

Day support zone on Nifty is 14,700-14,765, below that 14,550-14,600 is strong Buy zone.

Day higher zone on Nifty is 14,875-14,950, above that 15,025-15,050 is strong Profit-booking zone.

Day support zone on Bank Nifty is 33,600-33,850, below that 33,300-33,400 is a strong Buy zone.

Day higher zone on Bank Nifty is 34,350-34,500, above that 34,750-34,800 is profit-booking zone.

Small Day Range for trading on Nifty is 14,750-14,875, while the medium and bigger day ranges are 14,700-14,950 and 14,600-15,025, respectively.

Small Day Range for trading on Bank Nifty is 33,850-34,350, while the medium and bigger day ranges are 33,600-34,500 and 33,350-34,750, respectively.

FIIs increased Index long at 65% Vs 62%

PCR at 1.24 Vs 1.14

India VIX unchanged at 20.67

For Existing Long Positions

Nifty intraday and closing stop loss are 14,700.

Bank Nifty intraday and closing stop loss are 33,850.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,950.

Bank Nifty intraday and closing stop loss are 34,375.

For New Positions:

Buy Nifty in 14700-14765 range with a stop loss of 14,600 and target 14,800, 14,875, 14,900, 14,950, 15,025.

Sell Nifty in 14,950-15,050 range with a stop loss of 15,100 and target 14,900, 14,875, 14,825, 14,775, 14,750.

For New Positions:

Buy Bank Nifty in 33,350-33,400 range with a stop loss of 33,250 and target 33,600, 33,850, 34,000, 34,150, 34,225, 34,350.

Aggressive Traders Buy Bank Nifty in 33,600-33,850 range with strict stop loss of 33,500 and target 34,000, 34,150, 34,225, 34,350, 34,425, 34,500, 34,750.

Sell Bank Nifty in 34,750-34,800 range with a stop loss of 35,000 and target 34,500, 34,425, 34,375, 34,250, 34,200.

Aggressive Traders Sell Bank Nifty in 34,350-34,500 range with strict stop loss of 34,550 and target 34,250, 34,200, 34,125, 34,000, 33,850, 33,600.

F&O Ban Update:

Out of Ban: Nil

New in Ban: Nil

2 Stocks Already in Ban: SAIL, Idea

Stock of the Day:

Buy Granules Futures: Stop loss 313 and target 328, 334, 340.

Huge increase in Paracetamol demand due to Covid and Flu

Paracetamol API prices up 60-65% in two months.

Paracetamol API contributes 27% of Granules Sales.

Anupam Rasayan Listing Preview:

Expect subdued listing near issue price of 555. Keep strict stop loss of 550.

Barbeque Nation IPO Preview:

AVOID. High-Risk IPO. LONG TERM INVESTORS apply with a minimum 3 years Investment period

Positives:

Strong growth expected in the next 3 years.

Debt reduction from IPO money to save Interest Cost.

Rakesh Jhunjhunwala Firm Alchemy bought 5.75 lakh shares at 832 in 2018.

Negatives:

Company is EBITDA positive but a loss at PAT level.

Allotted 59.5 Lk shares at 252 Rupees just 3 months back.