Anil Singhvi strategy March 22: Key share market triggers, important levels to watch in Nifty50, Nifty Bank today

Zee Business Managing Editor Anil Singhvi shares his strategy for the March 22 session. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.

Zee Business Managing Editor Anil Singhvi sees support for Nifty50 coming in at 17,000-17,050 levels on March 22.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,000-17,050 levels on Wednesday, March 22. He sees a strong buy zone coming in at 16,850-16,950 levels. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 39,600-39,750 levels, and a strong buy zone in the 39,375-39,500 band.

Here's how Anil Singhvi sums up the market setup on March 22:

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

For the 50-scrip headline index, he expects a higher zone at 17,150-17,225 levels and a strong sell zone at 17,250-17,325 levels. For the banking index, he sees a higher zone at 40,100-40,250 levels and a strong sell zone in the 40,350-40,500 band.

FII index longs at oversold levels on Wednesday at eight per cent vs nine per cent the previous day
Nifty put-call ratio (PCR) at 0.88 vs 0.83
Nifty Bank PCR at 1.04 vs 0.78
Fear index India VIX down six per cent at 15.08

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday and closing stop loss at 16,950
Nifty Bank intraday and closing stop loss at 39,350

For existing short positions:

Nifty intraday and closing stop loss at 17,250
Nifty Bank intraday and closing stop loss at 40,000

For new positions in Nifty:

Buy Nifty in the 16,950-17,050 range with a stop loss at 16,825 for targets of 17,150, 17,200, 17,225, 17,250, 17,300 and 17,325
Sell Nifty in the 17,200-17,300 range with a stop loss at 17,350 for targets of 17,150, 17,110, 17,065, 17,040, 17,000 and 16,950

For new positions in Nifty Bank:

Buy Nifty Bank in the 39,400-39,600 range with a stop loss at 39,350 for targets of 39,700, 39,750, 39,900 and 39,975
Aggressive traders can buy Nifty Bank with a strict stop loss at 39,500 for targets of 39,975, 40,100, 40,250, 40,350 and 40,500
Sell Nifty Bank in the 40,350-40,500 range with a stop loss at 40,600 for targets of 40,250, 40,100, 40,000, 39,900, 39,750 and 39,600

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