Anil Singhvi’s Strategy March 8: Strong Profit Booking Zone on Nifty is 15,200-15,245 & Bank Nifty is 36,400-36,600

Amid positive global markets, sentiment, negative foreign institutional investors (FIIs), domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Monday, March 8, 2021.

Domestic benchmark indices extended their losing run to the second trading session on Friday, March 5, 2021. The indices declined around 0.9 per cent in sync with negative global cues. The S&P BSE Sensex closed 440.76 points, or 0.87 per cent, down at 50,405.32 and the NSE Nifty slipped 142.65 points, or 0.95 per cent, to finish at 14,938.10. Bank Nifty lost 574.35 points, or 1.6 per cent, to close at 35,228.15. 

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The broader market at BSE also plunged underperforming the Sensex. The Mid-Cap index ended 1.89 per cent down while the Small-Cap index fell 1.5 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 8:

Day support zone on Nifty is 14,975-15,025, below that 14,875-14,925 is strong Buy zone.

Day higher zone on Nifty is 15,065-15,100, above that 15200-15245 strong profit booking zone

Day support zone on Bank Nifty is 35,250-35,450, below that 34,800-35,000 is strong Buy zone. 

Day higher zone on Bank Nifty is 35,575-35,800, above that 36,100-36,350 is a strong profit booking zone.

Strong profit-booking zone on Nifty is 15,200-15,245 and Bank Nifty is 36,400-36,600. 

The small day range for trading on Nifty is 15,000-15,075, while the medium and bigger day ranges are 14,925-15,100 and 14,875-15,200, respectively.

The small day range for trading on Bank Nifty is 35,225-35,575, while the medium and bigger day ranges are 35,000-35,800 and 34,800-36,100, respectively. 

FIIs Index long unchanged at 56%

PCR at 1.12 Vs 1.39

India VIX up by 6% at 25.56

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,900.

Bank Nifty intraday and closing stop loss are 35,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 15,000.

Bank Nifty intraday and closing stop loss are 35,600.

For New Positions:

Buy Nifty with a stop loss of 14,900 and target 15,000, 15,025, 15,065, 15,100, 15,150, 15,200.

Sell Nifty in 15,150-15,210 range with a stop loss of 15,250 and target 15,100, 15,075, 15,025, 15,000, 14,940. 

For New Positions:

Buy Bank Nifty with a stop loss of 35,000 and target 35,400, 35,500, 35,575, 35,750, 35,850, 36,000, 36,100. 

Sell Bank Nifty in 36,000-36,350 range with a stop loss of 36,550 and target 35,850, 35,750, 35,600, 35,525, 35,450.

5 Stocks in F&O Ban:

New in Ban: Sun TV

Already in Ban: SAIL, PNB, BHEL, Bank of Baroda

Out of Ban: IB Housing Finance. 

Stock of the Day:

Buy SBI Futures: Stop loss 380 and target 395, 405. Lenders of Bhushan Power accepted JSW Steel’s Rs 19,350 crore resolution plan.