Anil Singhvi Strategy: How to trade Nifty 50 and Nifty Bank amid Middle East jitters—Key levels to chase and avoid

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index emerging at 24,475-24,600 levels and a strong buy zone at 24,300-24,400 levels on Friday, March 6, amid growing concerns about a prolonged conflict in the Middle East and its potential impact on global oil supplies and world equity markets. The market wizard sees support for the Nifty Bank placed at 58,400-58,575 levels and a strong buy zone at 57,800-58,125 levels.

How market guru Anil Singhvi sums up the trade setup:

• Global: Negative
• FII: Negative
• DII: Positive
• F&O: Neutral
• Sentiment: Cautious
• Trend: Negative

• FII long positions at 14.62 per cent vs 13.69 per cent before Thursday's session

• Nifty put-call ratio (PCR) at 1.01 vs 0.95

• Nifty Bank PCR at 0.92 vs 0.91

Add Zee Business as a Preferred Source

For the headline index, the market wizard expects a higher zone at 24,765-24,865 levels and a strong sell zone at 24,975-25,150 levels.

For the banking index, he expects a higher zone at 59,275-59,500 levels and a strong sell zone at 59,800-60,150 levels.

ANIL SINGHVI MARKET STRATEGY | How to trade Nifty50 and Nifty Bank

For existing long positions:

• Nifty intraday and closing stop loss at 24,450
• Nifty Bank intraday stop loss at 58,350 and closing stop loss at 58,750

For existing short positions:

• Nifty intraday and closing stop loss at 24,875
• Nifty Bank intraday and closing stop loss at 59,300

For new positions in Nifty50:

• Aggressive traders can sell Nifty with a strict stop loss at 24,900 for targets of 24,600, 24,525, 24,475, 24,400, 24,365, 24,335 and 24,300

• Aggressive traders can buy Nifty in the 24,400-24,600 range with a strict stop loss at 24,300 for targets of 24,750, 24,800, 24,850, 24,975, 25,050 and 25,150

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty Bank with a strict stop loss at 59,350 for targets of 58,750, 58,500, 58,400, 58,125, 57,800 and 57,550

• Aggressive traders can buy Nifty Bank in the 58,400-58,525 range with a strict stop loss at 58,300 for targets of 58,750, 59,050, 59,150, 59,250, 59,500, 59,800 and 60,000

Futures & options (F&O) ban

• Already in ban: SAIL, Sammaan Capital
• New in ban: None
• Out of ban: None

A rock bottom for the Nifty50 at 24,400-24,600?

• The 24,400-24,600 range has been the rock bottom for the past nine months
• Nifty50 has recovered from this range eight times in the last nine months
• Recoveries of 2.5-7.2 per cent occurred within 1-15 days
• On March 4, Nifty touched an intraday low of 24,305
• A fresh downtrend may start only if Nifty closes below the 24,300 mark
• Until then, traders should cover shorts in the 24,300-24,600 range
• Aggressive traders and investors can consider fresh buying in the 24,400-24,600 range with a closing stop-loss at 24,300

How to trade buzzing stocks

NALCO

• Sell NALCO futures for targets of Rs 392, Rs 388 and Rs 380 with a stop loss at Rs 405
• The stock has risen 11.6 per cent in three days
• It iis time to book profit and expect some selling from these levels

SBI

• Sell SBI futures for targets of Rs 1,165, Rs 1,155 and Rs 1,140 with a stop loss at Rs 1,190
• Profit-booking expected
• The stock fell in Thursday's strong market