Anil Singhvi strategy March 6: Key market triggers, important levels to track in Nifty50, Nifty Bank as market enters holiday-truncated week

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,500-17,550 levels on Monday, March 6 as the market enters a holiday-truncated week on account of Holi the nexy day. He expects a strong buy zone for the 50-scrip headline index in the 17,425-17,465 band. 

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging in the 40,900-41,000 area, and a strong buy zone in the 40,600-40,700 range. 

Here's how Anil Singhvi sums up the market setup on March 6: 

• Global: Positive

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Negative

For the 50-scrip headline index, he expects a higher zone at 17,725-17,775 levels and a profit-booking zone at 17,800-17,875 levels.​ For the banking index, he sees a higher zone at 41,550-41,675 levels and a profit-booking zone in the 41,800-41,975 band.

Ail Singhvi on short-term bottoms in Nifty50, Nifty Bank

Singhvi believes the Nifty50 has made a short-term bottom in the 17,250-17,350 range, and the Nifty Bank at 39,600-39,900 levels. 

He sees the next target for the Nifty coming in at 17,800-17,850 and 18,025-18,100 levels. For the Nifty Bank, he sees next targets placed in the 41,900-42,100 and 42,500-42,700 bands. 

• FII index longs at 23 per cent on Monday vs 15 per cent on Friday 
• Nifty put-call ratio (PCR) at 1.17 vs 0.91
• Nifty Bank PCR at 1.28 vs 0.76 
• Fear index India VIX down 6.09 per cent at 12.18

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty50 intraday stop loss at 17,500 and closing stop loss at 17,425

• Nifty Bank intraday stop loss at 41,000 and closing stop loss at 40,600

For existing short positions:

• Nifty intraday and closing stop loss at 17,650

• Nifty Bank intraday and closing stop loss at 41,550

For new positions in Nifty:

• Buy Nifty with a stop loss at 17,500 for targets of 17,650, 17,725, 17,750, 17,775, 17,800 and 17,850

• Aggressive traders can sell Nifty in the 17,800-17,875 range with a strict stop loss at 17,925 for targets of 17,750, 17,725, 17,650, 17,600 and 17,550

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 41,000 for targets of 41,500, 41,550, 41,625, 41,675, 41,775, 41,975 and 42,075

• Aggressive traders can sell Nifty Bank in the 41,800-41,975 range with a strict stop loss at 42,100 for targets of 41,725, 41,675, 41,625, 41,550, 41,500, 41,425, 41,300 and 41,250

No stock in F&O ban

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