Anil Singhvi’s Strategy March 19: Next Important Support Zone on Nifty is 8,000-8,100 & Bank Nifty is 20,000-20,250
The domestic stock markets crashed on Wednesday, March 18, 2020, amid concerns over rising coronavirus cases and tough stand by the Supreme Court of India on the adjusted gross revenue (AGR) dues of telecom operators.
Amid positive domestic institutional investors (DIIs), negative global markets, foreign institutional investors (FIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be negative on Thursday, March 19, 2020.
The domestic stock markets crashed on Wednesday, March 18, 2020, amid concerns over rising coronavirus cases and tough stand by the Supreme Court of India on the adjusted gross revenue (AGR) dues of telecom operators. The sentiment was more hit after S&P lowered India’s growth forecast to 5.2% in 2020 amid coronavirus fears. The barometer index, S&P BSE Sensex dropped 1,709.58 points or 5.59% at 28,869.51. The Nifty 50 index fell 498.25 points or 5.56% at 8,468.80. Nifty Bank plunged 1,301.35 points or 5.87% to 20,853.80.
In the broader market, the BSE Midcap index slumped 4.9% and the Smallcap index plunged 6.1%.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 19:
Next Important Support Zone on Nifty is 8,000-8,100 and Bank Nifty is 20,000-20,250.
If these levels come, then INVEST 20% CASH in Mutual Funds or Invest Directly
The big higher range on Nifty is 8,900-9,200 and Bank Nifty is 22,000-22,150.
For TRADERS still don’t take… don’t take… don’t take…
Markets oversold, can bounce anytime…Traders use that bounce to exit from long positions…
For Existing Long Positions:
Nifty intraday and closing stop loss 8,400.
Bank Nifty intraday and closing stop loss 20,250.
For Existing Short Positions:
Nifty intraday and closing stop loss 9,000.
Bank Nifty intraday and closing stop loss 21,350.
For New Positions:
Sell Nifty with a stop loss of 8,600 and target 8,100, 8,000, 7,800.
Buy Nifty in 8,000-8,100 range, only for aggressive traders, with a strict stop loss of 7,900 and target 8,400, 8,450, 8,550.
Sell Bank Nifty with a stop loss of 21,350 and target 20,350, 20,300, 20,000.
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Put-Call Ratio (PCR) High 0.96, Volatility Index (VIX) up by 2% to 63.96.
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09:03 AM IST