Anil Singhvi’s Strategy March 29: Support zone on Nifty is 17,100-17,150 & Bank Nifty is 35,325-35,525

Amid positive global markets, domestic institutional investors (DIIs), neutral foreign institutional investors (FIIs), future & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, March 29, 2022.

At the stock markets, the Sensex and the Nifty witnessed modest gains amid mixed cues from global share markets on Monday, March 28, 2022. The BSE Sensex closed near 57,600 points while the NSE Nifty ended above the 17,200 level.

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The Sensex climbed 231.29 points, or 0.40 per cent, to close at 57,593.49. The Nifty 50 was also up 69 points, or 0.40 per cent, to settle at 17,222. In the sectoral indices, the Bank Nifty index rose 300.40 points, or 0.85 per cent, to 35,710.50.

The broader markets underperformed the Sensex with the S&P BSE MidCap and S&P BSE SmallCap declining 0.40 per cent and 0.53 per cent, respectively.  

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 29:

Nifty support zone 17,100-17,150, below that 17,000-17,075 is a strong Buy Zone.

Nifty higher zone is 17,300-17,350, above that 17,400-17,450 is a strong Profit-booking zone.

Bank Nifty support zone is 35,325-35,525, below that 35,025-35,200 is a strong Buy zone.

Bank Nifty higher zone is 35,950-36,150, above that 36,250-36,425 is a strong Profit-booking zone.

Nifty support levels 17,200, 17,175, 17,150, 17,125, 17,100, 17,075, 17,000.

Nifty higher levels 17,250, 17,300, 17,350, 17,400, 17,450, 17,490.

Bank Nifty support levels are 35,525, 35,425, 35,325, 35,200, 35,025.

Bank Nifty higher levels are 35,900, 35,950, 36,025, 36,150, 36,250, 36,350, 36,425, 36,600.

FIIs Index Long position at 56% Vs 53%.

PCR is light and comfortable at 0.93 Vs 0.94.

India VIX was down by 3% at 22.61.

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 35,400.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,350.

Bank Nifty Intraday and Closing stop loss are 36,050.

For New Positions:

Buy Nifty with a stop loss of 17,150 and target 17,290, 17,315, 17,340, 17,390, 17,435, 17,490.

Sell Nifty in 17,350-17,450 range with a stop loss of 17,525 and target 17,300, 17,250, 17,225, 17,200, 17,175, 17,150.

For New Positions:

Buy Bank Nifty with a stop loss of 35,400 and target 35,900, 35,950, 36,025, 36,150, 36,250, 36,350, 36,425, 36,600.

Sell Bank Nifty in 36,250-36,425 range with a stop loss of 36,650 and target 36,150, 36,025, 35,950, 35,900, 35,750, 35,525.

F&O Ban Update:

Total 3 stocks in Ban

New in Ban: PVR

Out of Ban: SAIL, L&T Fin, Indiabulls Housing Finance

Already in Ban: Vodafone Idea, Sun TV

Veranda Learning Solutions IPO Preview:

DON’T APPLY

Negatives:

The company started Business operations only 15 months back

Loss-making Business

Poor and complicated Financials

Extremely High Valuations

Positives:

Highly Qualified Management