Anil Singhvi Market Strategy (March 17): Important levels to track in Nifty 50, Nifty Bank today, top recommendations & more

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the headline Nifty 50 index at 22,300-22,375 levels and a strong buy zone at 22,125-22,250 levels on Monday, March 17. For the Nifty Bank, he expects support at 47,700-47,850 levels and a stronger support zone at 47,375-47,550 levels. Read to learn about the market wizard's views for the day.

How market guru Anil Singhvi sums up trade setup this morning:

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Negative

• FII long positions at 19 per cent vs 18 per cent before Friday's session

• Nifty put-call ratio (PCR) at 1.02 vs 0.96

• Nifty Bank PCR at 0.94 vs 0.98

• India VIX down 3.0 per cent at 13.28

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The market wizard sees a higher zone at 22,500-22,575 levels and a strong sell zone at 22,625-22,725 levels for the headline index.

For the banking index, he expects a higher zone at 48,225-48,375 levels and a strong sell zone at 48,475-48,675 levels.

EDITOR'S TAKE

How beneficial is a recovery on Wall Street?

• It doesn't change much for Dalal Street
• The post-one way sell-off recovery is normal
• US President Donald Trump is targetting Europe now
• Wild swings will continue on Wall Street for now
• Gold is near its lifetime high, near $3,000 an ounce
• A good thing is that it is unlikely to impact Indian markets much

Are FIIs slowly turning buyers?

• FII outflows are slowly decreasing
• No big outflows are expected at least at these levels
• Market participants might have to wait a bit before they witness continues buying
• A good thing is that the domestic market is returning to stability with the gradually decreasing outflows

What should investors and traders do?

• One should continue to trade on both sides until the market exits its current range
• A decisive close above Nifty50's 22,550 mark will lead to more buying
• A close below 22,300 will worsen the situation and lead to more weakness
• Buying on dips with a closing stop loss at 22,300 is also a good strategy at this stage
• RBI's statement on IndusInd Bank is extremely positive for the entire banking space
• If investors have parked funds around the 22,000 mark, it is good
• Otherwise, they can enter once Nifty50 takes out 22,550 on a closing basis

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty intraday and closing stop loss at 22,300

• Nifty Bank intraday and closing stop loss at 47,700

For existing short positions:

• Nifty intraday and closing stop loss at 22,600

• Nifty Bank intraday and closing stop loss at 48,375

For new positions in Nifty50:

• Buy Nifty with a stop loss at 22,300 for targets of 22,475, 22,500, 22,550, 22,575, 22,625 and 22,675

• Aggressive traders can sell Nifty in the 22,550-22,675 range with a strict stop loss at 22,775 for targets of 22,500, 22,450, 22,400, 22,375, 22,325 and 22,250

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank with a strict stop loss at 47,700 for targets of 48,225, 48,350, 48,475, 48,575, 48,675 and 48,750

• Aggressive traders can sell Nifty Bank in the 48,500-48,700 range with a strict stop loss at 48,850 for targets of 48,375, 48,300, 48,225, 48,125, 48,075 and 48,000

F&O Ban and Update

• Already in ban: IndusInd Bank, SAIL, BSE, Hindustan Copper, Manappuram Finance

• New in ban: None

• Out of ban: None

ANIL SINGHVI SHARES STOCKS OF THE DAY: IndusInd Bank, GSPL, HPCL

Buy IndusInd Bank shares in the cash segment for targets of Rs 690, Rs 702 and Rs 715 with a stop loss at Rs 662

• RBI has gives a clean chit to IndusInd Bank
• The lender's financial condition is stable and capital sufficient
• Depositors have no need to worry, according to RBI

Buy HPCL futures with stop loss at Rs 320 for targets of Rs 328, Rs 332 and Rs 335

• Crude oil is stable near the $71 a barrel mark
• OMC stocks are looking attractive at current levels

Buy GSPL shares in the spot market stop loss at Rs 269 for targets of Rs 277, Rs 280 and Rs 285

• The company has received a letter from PNGRB for capacity expansion
• It will invest around Rs 2,051 crore for capacity expansion
• Citi has upgraded to 'buy' from 'sell' with a target of Rs 325

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