Anil Singhvi market strategy March 24: Key share market triggers, important levels to watch in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,000-17,050 levels on Friday, March 24. He sees a strong buy zone coming in at 16,850-16,950 levels. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 39,375-39,525 levels, and a strong buy zone in the 39,050-39,150 band. 

Here's how Anil Singhvi sums up the market setup on March 24: 

• Global: Neutral

• FII: Neutral

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Negative

For the 50-scrip headline index, he expects a higher zone at 17,100-17,150 levels and a profit-booking zone at 17,200-17,250 levels.​ For the banking index, he sees a higher zone at 39,900-40,000 levels and a strong sell zone in the 40,075-40,200 band.

• FII index longs at oversold levels at 11 per cent on Friday vs eight per cent the previous day; short covering expected from lower levels
• Nifty put-call ratio (PCR) at 0.86 vs 0.93
• Nifty Bank PCR at 0.7 vs 0.91
• Fear index India VIX down two per cent at 14.49

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty Intraday n Closing SL 17250
  Bank Nifty Intraday SL 40200 n Closing SL 40000

For existing short positions:

• Nifty Intraday n Closing SL 17250
  
  Bank Nifty Intraday SL 40200 n Closing SL 40000

For new positions in Nifty:

• Buy Nifty in 16950-17050 range:
  SL 16825 Tgt 17100, 17150, 17200, 17225, 17250, 17300

  Sell Nifty in 17150-17250 range:
  SL 17350 Tgt 17110, 17065, 17045, 17000, 16950, 16850

For new positions in Nifty Bank:

• Buy Bank Nifty in 39375-39525 range:
  SL 39300 Tgt 39600, 39700, 39750, 39825, 39900, 39975, 40075

  Sell Bank Nifty in 39900-40100 range:
  SL 40250 Tgt 39775, 39700, 39625, 39550, 39450, 39375

F&O ban update

• New in ban: HAL

• Already in ban: Biocon, IB Housing Finance

• Out of ban: None

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