Anil Singhvi strategy March 29: Key market triggers, important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 16,850-16,925 levels on Wednesday, March 29, a day ahead of the Ram Navami holiday in the Indian share market. He sees a strong buy zone emerging at 16,750-16,825 levels. 

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 39,275-39,425 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 29: 

• Global: Neutral

• FII: Neutral

• DII: Neutral

• F&O: Neutral

• Sentiment: Neutral

• Trend: Negative

  

For the 50-scrip headline index, he expects a higher zone at 17,000-17,065 levels and a strong sell zone at 17,100-17,200 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.

• FII index longs still near oversold levels at 16 per cent on Wednesday vs 17 per cent the previous day; short covering expected from lower levels
• Nifty put-call ratio (PCR) at 0.80 vs 0.85
• Nifty Bank PCR at 0.91 vs 0.76
• Fear index India VIX down two per cent at 15.1

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 39,250

For existing short positions:

• Nifty intraday stop loss at 17,225 and closing stop loss at 17,150
• Nifty Bank intraday and closing stop loss at 40,000

For new positions in Nifty:

• Buy Nifty with a stop loss at 16,800 for targets of 16,985, 17,040, 17,065, 17,090, 17,150 and 17,200

• Sell Nifty in the 17,065-17,150 range with a stop loss at 17,225 for targets of 17,015, 16,985, 16,950, 16,925, 16,850 and 16,825

For new positions in Nifty Bank:

• Buy Nifty Bank in the 39,275-39,425 range with a stop loss at 39,150 for targets of 39,500, 39,575, 39,650, 39,700 and 39,750

• Aggressive traders can buy Nifty Bank with a strict stop loss at 39,250 for targets of 39,675, 39,750, 39,825, 39,900 and 40,000

• Sell Nifty Bank in the 39,775-39,975 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

• No stock in ban

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