Anil Singhvi’s Strategy March 28: Support zone on Nifty is 17,075-17,100 & Bank Nifty is 35,025-35,200

Amid positive global markets, domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), neutral future & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Monday, March 28, 2022.

The key domestic stock indices ended with modest losses on Friday, March 25, 2022. S&P BSE Sensex closed below 57,400 points while the Nifty 50 ended near 17,150.

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On Friday, Sensex dropped 233.48 points or 0.41 per cent to 57,362.20. The Nifty 50 ended 69.75 points or 0.40 per cent, lower at 17,153.00. In the sectoral indices, the Bank Nifty index closed 117 points or 0.33 per cent down at 35,410.10.

In the broader market at BSE, the Mid-Cap index fell 0.36 per cent and the Small-Cap index rose 0.33 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 28:

Nifty support zone is 17,075-17,100, below that 16,975-17,000 is a strong Buy Zone.

Nifty higher zone is 17,225-17,300, above that 17,350-17,450 is a strong Profit-booking zone.

Bank Nifty support zone is 35,025-35,200, below that 34,625-34,750 is a strong Buy zone.

Bank Nifty higher zone is 35,700-35,900, above that 36,150-36,350 is a strong Profit-booking zone.

Nifty support levels are 17,125, 17,100, 17,075, 17,000, 16,975, 16,865.

Nifty higher levels are 17,175, 17,200, 17,225, 17,250, 17,300, 17,350, 17,450.

Bank Nifty support levels are 35,325, 35,200, 35,025, 34,900, 34,750, 34,625, 34,550, 34,475.

Bank Nifty higher levels are 35,525, 35,725, 35,800, 35,900, 36,025, 36,150, 36,250, 36,350.

FIIs Index Long position unchanged at 53%.

PCR at 0.94 Vs 1.04.

India VIX down by 2% at 23.43.

For Existing Long Positions:

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

Bank Nifty Intraday and Closing stop loss are 35,200.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,350

Bank Nifty Intraday stop loss is 35,750 and Closing stop loss is 36050

For New Positions:

Buy Nifty with a stop loss of 16,975 and target 17,200, 17,225, 17,250, 17,290, 17,350.

Sell Nifty in 17,290-17,350 range with a stop loss of 17,450 and target 17,250, 17,225, 17,200, 17,175, 17,150, 17,125, 17,100, 17,075.

For New Positions:

Aggressive Traders Buy Bank Nifty with a strict stop loss of 35,200 and target 35,525, 35,725, 35,800, 35,900, 36,025, 36,150, 36,250, 36,350.

Sell Bank Nifty in 35,900-36,150 range with a stop loss of 36,425 and target 35,750, 35,525, 35,425, 35,325, 35,200, 35,025, 34,900, 34,750.

F&O Ban Update:

Total 5 stocks in Ban

Out of Ban: Delta Corp, Balrampur Chini

Already in Ban: Vodafone Idea, L&T Fin, SAIL, Sun TV, Indiabulls Housing Finance

New in Ban: Nil

Uma Exports IPO Preview: AVOID

Negatives:

Low margin highly competitive Trading Business.

Financials are not Impressive.

Export-oriented uncertain Business.

Small size IPO of Rs 60 crore with Market Cap of Rs 230 crore.

Positives:

25 years Old Profit making company.