Anil Singhvi strategy March 28: Key share market cues, important levels to watch in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects a buy zone for the Nifty50 benchmark at 16,850-16,950 levels on Tuesday, March 28, the second trading day of a four-session trading week in the Indian share market owing to the Ram Navami holiday on March 30. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 39,150-39,275 levels, and a strong buy zone in the 38,900-39,050 band.

Here's how Anil Singhvi sums up the market setup on March 28: 

• Global: Positive

• FII: Neutral

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Negative

For the 50-scrip headline index, he expects a higher zone at 17,050-17,100 levels and a profit-booking zone at 17,150-17,225 levels.​ For the banking index, he sees a higher zone at 39,700-39,825 levels and a profit-booking zone in the 39,900-40,075 area.

Singhvi believes traders are likely to get an opportunity to make big gains soon following 10-odd days of rangebound moves in both the Nifty 50 and the Nifty Bank. He expects a breakout in the indices soon, and recommends a stop loss at 200 points in the 50-scrip headline index to play the possible big move. "Traders can prepare for gains to the tune of 3-5 per cent with a one per cent risk," he said.

• FII index longs remain near oversold levels at 17 per cent on Tuesday vs 13 per cent on Monday; short covering expected from lower levels
• Nifty put-call ratio (PCR) at 0.85 vs 0.78
• Nifty Bank PCR at 0.76 vs 0.72
• Fear index India VIX up one per cent at 15.45

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty50 intraday and closing stop loss at 16,800

• Nifty Bank intraday and closing stop loss at 39,000

For existing short positions:

• Nifty50 intraday and closing stop loss at 17,250
• Nifty Bank intraday stop loss at 39,700 and closing stop loss at 40,000

For new positions in Nifty:

• Buy Nifty with a stop loss at 16,800 for targets of 17,045, 17,065, 17,090, 17,150 and 17,200

• Sell Nifty in the 17,100-17,200 range with a stop loss at 17,250 for targets of 17,075, 17,050, 17,015, 16,985, 16,950 and 16,925

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 39,250 for targets of 39,550, 39,600, 39,700, 39,750, 39,825, 39,900 and 40,000

• Sell Nifty Bank in the 39,825-40,000 range with a stop loss at 40,200 for targets of 39,700, 39,625, 39,550, 39,500, 39,425, 39,375 and 39,300

F&O ban update

• Out of ban: HAL, IB Housing Finance

• New in ban: None

• Already in ban: None

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