Market Guru's Strategy: Nifty50 immediate support at 23,600-23,700, next at 23,350-23,450 & 23,100-23,275—Other key levels to track

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index emerging at 23,600-23,700 levels, with the next base placed in the 23,350-23,450 and 23,100-23,275 ranges on Thursday, March 12.

The market wizard sees support for the Nifty Bank coming in at 55,150-55,275 levels, with the next support at 54,375-54,500 and 53,600-53,900 levels.

Now, here's the market wizard sums up the trade setup:

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

• FII long positions at 11.73 per cent vs 12.73 per cent before Wednesday's session

• Nifty put-call ratio (PCR) at 0.83 vs 1.02

• Nifty Bank PCR 0.77 vs 0.81

For the headline index, the market wizard expects a higher zone at 23,850-24,000 levels and a strong sell area at 24,075-24,250 levels.

For the banking index, he expects a higher zone at 56,050-56,375 levels and a strong sell zone at 56,950-57,100 levels.

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

For existing long positions:

• Nifty intraday stop loss at 23,675 and closing stop loss at 23,825
• Nifty Bank intraday stop loss at 55,100 and closing stop loss at 55,550

For existing short positions:

• Nifty intraday and stop loss at 24,100
• Nifty Bank intraday and closing stop loss at 56,500

For new positions in Nifty50:

• Sell Nifty with a stop loss at 24,100 for targets of 23,750, 23,700, 23,600, 23,450, 23,350 and 23,275

• Buy Nifty only if it crosses the 24,100 mark, with a strict stop loss below 24,000

• Aggressive traders may buy near the 23,700 level in small quantities, with a strict stop loss at 23,600 for targets of 23,800, 23,850, 23,975, 24,025 and 24,075

For new positions in Nifty Bank:

• Aggressive traders can sell Nifty Bank with a strict stop loss at 56,050 for targets of 55,625, 55,550, 55,275 and 55,150

• Buy Nifty Bank only if it trades above 56,500 in small quantities, with a strict stop loss at 56,250

• Aggressive traders can buy Nifty Bank near the 55,150 level, with a strict stop loss at 55,000 for targets of 55,250, 55,500, 55,625, 55,725, 56,000 and 56,250

Futures & options (F&O) ban

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

What crucial market data signals

• Nifty, Nifty Bank, Midcap Select and Smallcap indices have each formed a lower high and a lower low
• Nifty50 stands at a 10-month closing low of 23,866
• For a second straight day, Nifty’s intraday high was 24,300; selling pressure emerged from the 24,300 level on both days
• On March 9, Nifty gave up its major support at 24,300 after a gap of nine months; that is where major resistance exists now
• Nifty Bank is at a 5-month closing low of 55,735
• It is now 11 per cent below its lifetime high of 61,764 (February 3)
• Midcap Select closed at 12,961, once again near the major support level of 13,000 after a day’s gap
• A decisive close below 13,000 is required for fresh and deeper weakness
• The Smallcap index is 20 per cent below its lifetime high (December 2024)
• IT and FMCG indices are at two-year closing lows
• The Auto index is at a six-month closing low
• VIX has surged 11 per cent to 21.06

FIIs, Dow, INR, precious metals and more...

• FII index futures long positions declined from 12.73 per cent to 11.73 per cent
• FIIs sold Rs 6,267 crore in the cash market on Wednesday -- a ninth straight day of selling
• FIIs recorded a net selling of Rs 11,011 crore across cash, index futures and stock futures during this period
• DIIs bought Rs 4,965 crore -- an eleventh consecutive day of buying
• Dow is at a three-month closing low
• The rupee is down by 23 paise at 92.04 vs the dollar
• Dollar Index closed above the 99 mark
• US bond yields climbed to a five-week high of 4.25 per cent
• Profit-booking witnessed in gold and silver
• Gold fell by Rs 1,514 to close at Rs 161,789
• Silver fell by Rs 9,359 to close at Rs 268,491
• Aluminium touched a four-year high