Anil Singhvi strategy March 6: Important levels to track in Nifty50, Nifty Bank today

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.  

6th March 2024 | आज की स्ट्रैटेजी #MarketStrategy #StockMarketNews #MarketStrategy #Nifty #BankNifty #tradingstrategy

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— CA Anil Singhvi Zee Business (@AnilSinghvi_) March 6, 2024

• FII index longs at 35 per cent vs 38 per cent the previous day
• Nifty put-call ratio (PCR) at 1.23 vs 1.30
• Nifty Bank PCR at 1.21 vs 1.18
• Volatility index India VIX down 3.5 per cent at 14.38

For existing long positions:

• Nifty intraday and closing stop loss at 22,250

• Nifty Bank intraday stop loss at 47,150 and closing stop loss at 47,250

For existing short positions:

• Nifty intraday and closing stop loss at 22,450

• Nifty Bank intraday and closing stop loss at 47,750

For new positions in Nifty:

• The best range to buy Nifty is 22,125-22,250 with a stop loss at 22,000 for targets of 22,300, 22,335, 22,365, 22,400 and 22,425

• Sell Nifty with a stop loss at 22,450 for targets of 22,300, 22,275, 22,225, 22,200, 22,125 and 22,075

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 47,200-47,325 range with a strict stop loss at 47,000 for targets of 47,375, 47,450, 47,525, 47,575, 47,725 and 47,825

• Aggressive traders can sell Nifty Bank in the 47,825-47,925 range with a strict stop loss at 48,050 for targets of 47,725, 47,575, 47,525, 47,450, 47,325 and 47,200

F&O ban update

• Already in ban: Zee Entertainment Enterprises

• New in ban: None

• Out of ban: None

Stocks of the day

Buy AB Fashion futures with a stop loss at Rs 227 for targets of Rs 234 and Rs 239

• GIC to convert 6.58 crore warrants into equity
• Conversion will help to reduce debt

Buy Havells futures with a stop loss at Rs 1,530 for targets of Rs 1,563 and Rs 1,573

• Company entering into kitchen appliance products
• Aggressive targets to acquire market share

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