Anil Singhvi strategy March 6: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for todays session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 22,200-22,275 levels and a strong buy zone at 22,025-22,125 levels on Wednesday, March 6. For the Nifty Bank, he expects support to come in at 47,200-47,325 levels and a stronger support zone at 46,900-47,050 levels.
Here's how Anil Singhvi sums up the market setup:
- Global: Negative
- FII: Negative
- DII: Positive
- F&O: Neutral
- Sentiment: Neutral
- Trend: Positive
The market wizard expects a higher zone for the Nifty50 at 22,400-22,450 levels and a "blue sky" zone above 22,500.
For the banking index, Singhvi sees a higher zone coming in at 47,725-47,825 and a profit-booking zone at 47,875-48,000 levels.
ANIL SINGHVI MARKET STRATEGY
The market guru points out that sustainable strong moves will return to Dalal Street only after the Nifty50 takes out the 22,500 mark on the upside. For now, the market appears to be stuck at the upper end of its current range, amid weakness in global equities and negative signals from FIIs though domestic funds remain buyers, he says.
The Nifty Bank has staged strong moves ahead of Wednesday's make-or-break session owing to the expiry of weekly derivatives due at the end of the day, says Singhvi.
He suggests traders trim their buy-today-sell-tomorrow positions if the Nifty and the Nifty Bank give up the levels of 22,250 and 47,250 on a closing basis, and buy heavily after a decisive close above the 22,450 and 47,750 levels, respectively.
He suggests investors remain cautious in midcap and smallcap stocks in March and avoid rushing to buy in the segments.
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