Anil Singhvi strategy March 28: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support emerging at 22,000-22,050 levels and a strong buy zone at 21,850-21,950 levels for the headline Nifty50 index on Thursday, March 28, the last session of the financial year FY24.

For the Nifty Bank, he expects support to come in at 46,525-46,650 levels and a strong buy zone at 46,250-46,400 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

He expects a higher zone for the headline index at 22,200-22,250 levels and a profit-booking zone at 22,300-22,400 levels. 

For the banking index, Singhvi expects a higher zone at 46,975-47,175 levels and a strong sell zone at 47,325-47,525 levels. 

ANIL SINGHVI MARKET STRATEGY  

• FII index longs at 31 per cent vs 33 per cent the previous day
• Nifty PCR put-call ratio (PCR) at 1.16 vs 1.10
• Nifty Bank PCR at 0.95 vs 0.85
• Volatility index India VIX down 0.9 per cent at 12.7 

The market wizard suggests buying quickly in case of a lacklustre start to the day, amid a rebound on Wall Steer and strong signals from the rest of the world, and mixed flows from FIIs and DIIs. He advises adopting a 'buy on dips' approach on Dalal Street.  

For existing long positions:

• Nifty intraday stop loss at 21,950 and closing stop loss at 22,000
• Nifty Bank intraday stop loss at 46,500 and closing stop loss at 46,300

For existing short positions:

• Nifty intraday and closing stop loss at 22,200
• Nifty Bank intraday and closing stop loss at 47,050

For new positions in Nifty:

• Buy Nifty in the 21,975-22,075 range with a stop loss at 21,900 for targets of 22,125, 22,150, 22,200, 22,250, 22,300 and 22,335

• Aggressive traders can sell Nifty in the 22,250-22,350 range with a strict stop loss at 22,400 for targets of 22,200, 22,150, 22,125, 22,100, 22,050 and 22,025

For new positions in Nifty Bank:

• Buy Nifty Bank in the 46,250-46,400 range with a stop loss at 46,200 for targets of 46,525, 46,575, 46,675, 46,725, 46,775 and 46,875

• Aggressive traders can buy Nifty Bank in the 46,525-46,650 range with a strict stop loss at 46,450 for targets of 46,775, 46,875, 46,975, 47,025, 47,125 and 47,200

• Aggressive traders sell Nifty Bank in the 46,975-47,175 range with a strict stop loss at 47,250 for targets of 46,900, 46,800, 46,725, 46,650, 46,600 and 46,525

How to trade midcap and smallcap stocks

Singhvi reiterates buying opportunities in midcap and smallcap stocks, with expectations of financial year-end buying by funds and ample investment opportunities ahead of possible increases in NAVs. 

One should invest buying from a perspective of 1-2 months and avoid selling in a hurry for small profits, he says.  

F&O ban update

• New in ban: Hindustan Copper, Zee Entertainment Enterprises

• Out of ban: SAIL

• Already in ban: None

Stocks of the day

Buy Piramal Enterprises futures with a stop loss at Rs 820 for targets of 856, 866, 880

• Banks and NBFCs investing in AIF got relief in provisioning from RBI

Buy VIP shares with a stop loss at Rs 452 for targets of Rs 472, Rs 476 and Rs 485

• Strong business outlook by management on analyst call

What to expect in April F&O series

• Rollovers up at 87 per cent vs 74 per cent a month ago
• Nifty has registered a positive April series in eight out of 10 years

The market guru expects PSU banks to gain in the April series, with Canara Bank, Union Bank and SBI better positioned from others within the space. Among private lenders, he likes ICICI Bank and HDFC Bank.

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