Anil Singhvi strategy March 9: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,650-17,700 levels on Thursday, March 9. He expects a strong buy zone for the 50-scrip headline index in the 17,550-17,600 band. 

For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging in the 41,250-41,350  area, and a strong buy zone in the 41,000-41,100 range. 

Here's how Anil Singhvi sums up the market setup on March 9: 

• Global: Neutral

• FII: Positive

• DII: Negative

• F&O: Cautious

• Sentiment: Positive

• Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,800-17,850 levels and a profit-booking area at 17,875-17,925 levels.​ For the banking index, he sees a higher zone at 41,675-41,775 levels and a profit-booking zone in the 41,975-42,075 band.

• FII index longs at 25 per cent on Thursday vs 26 per cent on Wednesday
• Nifty put-call ratio (PCR) at 1.26 vs 1.12
• Nifty Bank PCR at 1.27 vs 1.00
• Fear index India VIX up 1.5 per cent at 12.45

ANIL SINGHVI MARKET STRATEGY

"Trade will be confined within a tight range on either side... A 'buy on dips' is recommended. One can buy and sell in parts for small profits in this market," Singhvi said. 

He believes that market participants should not worry as long as the Nifty50 and the Nifty Bank close above 17,600 and 41,000 levels respectively.

For existing long positions:

• Nifty50 intraday and closing stop loss at 17,575
• Nifty Bank intraday and closing stop loss at 41,000

For existing short positions:

• Nifty intraday and closing stop loss at 17,850
• Nifty Bank intraday stop loss at 42,000 and closing stop loss at 41,700

For new positions in Nifty:

• Buy Nifty in the 17,600-17,675 range with a stop loss at 17,550 for targets of 17,700, 17,750, 17,800, 17,850, 17,875 and 17,925

• Sell Nifty in the 17,850-17,925 range with a stop loss at 18,000 for targets of 17,800, 17,750, 17,725, 17,675, 17,650 and 17,600

For new positions in Nifty Bank:

• Buy Nifty Bank in the 41,100-41,350 range with a stop loss at 41,000 for targets of 41,500, 41,575, 41,625, 41,675, 41,775 and 41,975

• Sell Nifty Bank in the 41,775-41,975 range with a stop loss at 42,100 for targets of 41,675, 41,625, 41,575, 41,500, 41,425, 41,350, 41,250 and 41,100

F&O ban update

• New in ban: Balrampur Chini
• Already in ban: None
• Out of ban: None

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