Anil Singhvi’s Strategy March 9: Nifty support zone is 15,850-15,925 & Bank Nifty is 32,550-32,875

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 Wednesday, March 9, 2022.

The domestic equity markets on Tuesday, March 8, 2022, gained around one per cent amid high volatility. Benchmarks, Sensex and Nifty, rose even as the global share markets were down. The BSE Sensex closed above 53,400 points while the NSE Nifty ended above the 16,000 mark.

Recovering from the early losses, the Sensex climbed 581.34 points, or 1.10 per cent, to settle at 53,424.09. The Nifty also added 150.30 points, or 0.95 per cent, to finish at 16,013.45. In the sectoral indices at NSE, the Bank Nifty added 286.85 points, or 0.87 per cent, to end at 33,158.10.

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In the broader markets, the S&P BSE MidCap index rose 1.46 per cent while the S&P BSE SmallCap index gained 1.33 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 9:

Nifty support zone is 15,850-15,925, below that 15,675-15,725 is a strong support Zone.

Nifty higher zone is 16,125-16,200, above that 16,250-16,350 is a strong Sell zone.

Bank Nifty support zone is 32,550-32,875, below that 32,150-32,375 is a strong support zone.

Bank Nifty higher zone is 33,500-33,600, above that 33,900-34,100 is a profit booking zone.

Nifty support levels are 16,000, 15,950, 15,875, 15,775, 15,725, 15,675.

Nifty higher levels are 16,125, 16,200, 16,250, 16,350, 16,450.

Bank Nifty support levels are 33,000, 32,875, 32,550, 32,375, 32,150.

Bank Nifty higher levels are 33,275, 33,550, 33,900, 34,000, 34,100, 34,400, 34,600.

FIIs index long position at lower levels 38% Vs 40%.

PCR near oversold levels at 0.75 vs 0.69.

India VIX down by -3% at 28.59.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 15,850.

Bank Nifty Intraday and Closing stop loss are 32,800.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 16,250.

Bank Nifty Intraday stop loss is 33,600 and Closing stop loss is 34,400.

For New Positions:

Buy Nifty in 15,725-15,875 range with a stop loss of 15,650 and target 15,950, 16,000, 16,125, 16,200.

Aggressive Traders Buy Nifty with a Strict stop loss of 15,850 and target 16,125, 16,200, 16,250, 16,350, 16,450, 16,475.

Traders Sell Nifty in 16,200-16,350 range with a Strict stop loss of 16,500 and target 16,150, 16,025, 15,950, 15,875, 15,775, 15,725.

For New Positions:

Buy Bank Nifty in 32,150-32,375 range with a Strict stop loss of 32,000 and target 32,550, 32,875, 33,000, 33,150, 33,250.

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 32,800 and target 33,275, 33,525, 33,900, 34,000, 34,100, 34,400.

Aggressive Traders Sell Bank Nifty in 33,900-34,100 range with a Strict stop loss of 34,500 and target 33,550, 33,275, 33,150, 33,000, 32,875, 32,500, 32,375.

No stock in F&O Ban