Anil Singhvi’s Strategy March 30: Support zone on Nifty is 17,250-17,325 & Bank Nifty is 35,525-35,725

Amid positive global markets, domestic institutional investors (DIIs), sentiment, neutral foreign institutional investors (FIIs) and future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, March 30, 2022.

The Sensex and the Nifty on Tuesday, March 29, 2022, witnessed gains of more than half a per cent. Both stock indices rose amid positive cues from global share markets. The market was in the green throughout the session. The S&P BSE Sensex closed above 57,900 points while the NSE Nifty ended above the 17,300 level.

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The Sensex climbed 350.16 points, or 0.61 per cent, to close at 57,943.65. The Nifty surged 103.30 points, or 0.60 per cent, to settle at 17,325.30. In the sectoral indices, the Bank Nifty index rose 136.90 points, or 0.38 per cent, to 35,847.40.

In the broader market at the BSE, the Mid-Cap rose 0.66 per cent and the Small-Cap index ended 0.63 per cent up.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 30:

Nifty support zone is 17,250-17,325, below that 17,150-17,225 is a strong Buy Zone.

Nifty higher zone is 17,450-17,525, above that 17,565-17,675 is a strong Profit-booking zone.

Bank Nifty support zone is 35,525-35,725, below that 35,200-35,325 is a strong Buy zone.

Bank Nifty higher zone is 36,250-36,425, above that 36,600-36,800 is a strong Profit-booking zone.

Nifty support levels are 17,300, 17,250, 17,225, 17,150, 17,100.

Nifty higher levels are 17,450, 17,490, 17,525, 17,565, 17,625, 17,675.

Bank Nifty support levels are 35,725, 35,525, 35,425, 35,325, 35,200.

Bank Nifty higher levels are 35,950, 36,025, 36,150, 36,250, 36,350, 36,425, 36,600, 36,800.

FIIs Index Long position at 58% Vs 56%.

PCR at 1.08 Vs 0.93.

India VIX is down by 6% at 21.30.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,200.

Bank Nifty Intraday and Closing stop loss are 35,500.

For Existing Short Positions:

Nifty Intraday stop loss is 17,450 and Closing stop loss is 17,350.

Bank Nifty Intraday stop loss is 36,050 and Closing stop loss is 36,450.

For New Positions:

Buy Nifty with a stop loss of 17,200 and target 17,450, 17,490, 17,525, 17,565, 17,625, 17,675.

Sell Nifty in 17,565-17,675 range with a stop loss of 17,800 and target 17,525, 17,500, 17,450, 17,400, 17,350.

For New Positions:

Buy Bank Nifty with a stop loss of 35,500 and target 36,025, 36,150, 36,250, 36,350, 36,425, 36,600, 36,650, 36,800.

Sell Bank Nifty in 36,425-36,600 range with a stop loss of 36,900 and target 36,350, 36,250, 36,150, 36,025, 35,950, 35,850.

F&O Ban Update:

Total 3 stocks in Ban

Already in Ban: PVR, Vodafone Idea, Sun TV

New in Ban: Nil

Out of Ban: Nil