Anil Singhvi’s Strategy March 24: Support zone on Nifty is 17,000-17,100 & Bank Nifty is 35,750-35,900

Amid negative global markets, foreign institutional investors (FIIs), neutral domestic institutional investors (DIIs), future & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral Thursday, March 24, 2022.

At the stock markets, the S&P BSE Sensex and Nifty 50, fell around a half per cent on Wednesday, March 23, 2022, even as cues from global share markets were positive. The BSE Sensex closed below 57,700 points while the NSE Nifty settled below the 17,250 level. The Sensex declined 304.48 points, or 0.53 per cent, to close at 57,685. The Nifty also slipped 69.85 points, or 0.40 per cent, to finish at 17,245.65. In the sectoral indices, the Bank Nifty index slipped 201.20 points, or 0.55 per cent, to 36,147.35.

In the broader market at the BSE, the Mid-Cap climbed 0.39 per cent and the Small-Cap index slipped 0.02 per cent.

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

Nifty support zone is 17,000-17,100, below that 16,875-16,975 is a strong Buy Zone.

Nifty higher zone is 17,275-17,350, above that 17,450-17,500 is a strong Profit-booking zone.

Bank Nifty support zone is 35,750-35,900, below that 35,325-35,475 is a strong Buy zone.

Bank Nifty higher zone is 36,350-36,425, above that 36,600-36,800 is a strong Profit-booking zone.

Nifty support levels are 17,200, 17,175, 17,125, 17,100, 17,000, 16,975, 16,925.

Nifty higher levels are 17,275, 17,300, 17,350, 17,400, 17,450, 17,500.

Bank Nifty support levels are 36,025, 35,900, 35,750, 35,475, 35,400, 35,325, 35,025.

Bank Nifty higher levels are 36,250, 36,350, 36,425, 36,600, 36,650, 36,800, 36,900.

FIIs Index Long position at 55% Vs 58%.

PCR light and comfortable at 0.85 Vs 1.01.

India VIX up by 3% at 24.75.

For Existing Long Positions:

Nifty Intraday stop loss is 16,975 and Closing stop loss is 17,100.

Bank Nifty Intraday stop loss is 35,900 and Closing stop loss is 36,000.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,350.

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

For New Positions:

Buy Nifty in 16,975-17,100 range with a stop loss of 16,875 and target 17,175, 17,200, 17,250, 17,300, 17,350, 17,400, 17,450.

Sell Nifty in 17,350-17,450 range with a stop loss of 17,525 and target 17,400, 17,350, 17,300, 17,250, 17,200, 17,175, 17,125, 17,100.

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, 35,900, 36,025, 36,150.

Aggressive Traders Buy Bank Nifty in 35,750-35,900 range with a strict stop loss of 35,650 and target 36,025, 36,150, 36,250, 36,350, 36,425, 36,600, 36,650, 36,800.

Sell Bank Nifty in 36,600-36,800 range with a stop loss of 37,050 and target 36,475, 36,350, 36,250, 36,150, 36,050, 35,900, 35,750.

Aggressive Traders Sell Bank Nifty in 36,425-36,600 range with a strict stop loss of 36,650 and target 36,350, 36,250, 36,150, 36,025, 35,900, 35,750, 35,475.

F&O Ban Update:

Total 6 stocks in Ban

New in Ban: SAIL

Already in Ban: Sun TV, GNFC, Delta Corp, Balrampur Chini, Indiabulls Housing Finance

Out of Ban: Nil