Anil Singhvi’s Strategy March 3: Nifty Day support zone is 16,425-16,475 & Bank Nifty support zone are 34,900-35,000 and 34,400-35,600

Amid neutral global markets, negative foreign institutional investors (FIIs), positive domestic institutional investors (DIIs) future & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be negative on Thursday, March 3, 2022.

Benchmark indices on Wednesday, March 2, 2022, plunged more than one per cent amid negative global cues. The S&P BSE Sensex finished below the 55,500 mark while the NSE Nifty ended near the 16,600 level. 

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The Sensex lost 778.38 points, or 1.38 per cent, to close at 55,468.90. The Nifty 50 also tumbled 187.95 points, or 1.12 per cent, to 16,605.95. In the sectoral indices at the NSE, the Bank Nifty index plunged 832.50 points, or 2.30 per cent, to 35,372.80.

In the broader market at BSE, the S&P BSE Mid-Cap index slipped 0.17 per cent and the S&P BSE Small-Cap index shed 0.12 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 3:

Nifty Day support zone is 16,425-16,475, below that 16,200-16,350 is a Buy zone.

Nifty higher zone are 16,675-16,750 and 16,800-16,850, above that 16,975-17,075 is a Sell zone.

Bank Nifty support zone are 34,900-35,000 and 34,400-34,600, below that 33,900-34,025 is a Buy zone.

Bank Nifty higher zone are 35,550-35,750 and 36,365-36,425, above that 36,675-36,900 is a strong Sell zone.

Nifty support levels are 16,475, 16,425, 16,350, 16,250, 16,200.

Nifty higher levels are 16,650, 16,675, 16,700, 16,750, 16,800, 16,850, 16,975, 17,075.

Bank Nifty support levels are 35,225, 35,000, 34,900, 34,700, 34,600, 34,450, 34,400, 34,025, 33,900.

Bank Nifty higher levels are 35,550, 35,750, 35,975, 36,200, 36,365, 36,425, 36,675, 36,800, 36,900.

FIIs long position at 47% Vs 58%.

PCR at 0.84 Vs 1.06.

India VIX up by 2% at 29.23.

For Existing Long Positions:

Nifty Intraday stop loss is 16,475 and Closing stop loss is 16,600.

Bank Nifty Intraday stop loss is 34,850 and Closing stop loss is 35,200.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 16,875.

Bank Nifty Intraday stop loss is 35,800 and Closing stop loss is 36,500.

For New Positions:

Buy Nifty in 16350-16475 range with a stop loss of 16,200 and target 16,600, 16,650, 16,675, 16,700, 16,750, 16,800, 16,850.

Sell Nifty in 16800-16850 range with a stop loss of 16,900 and target 16,750, 16,700, 16,675, 16,650, 16,600, 16,475, 16,425.

For New Positions:

Aggressive Traders Buy Bank Nifty in 34,700-35,000 range with a Strict stop loss of 34,400 and target 35,225, 35,375, 35,550, 35,750, 35,975, 36,200, 36,365.

Sell Bank Nifty in 36,375-36,675 range with a stop loss of 37,000 and target 36,200, 36,025, 35,800, 35,550, 35,375, 35,225, 35,000, 34,900.

No stock in F&O Ban