Anil Singhvi strategy March 23: Key share market triggers, important levels to watch in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for the March 23 session. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,000-17,050 levels on Thursday, March 23. 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 23:
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 40,075-40,250 levels and a strong sell zone in the 40,350-40,500 band.
- FII index longs at oversold levels, unchanged at eight per cent on Thursday as the previous day; short covering expected from lower levels
- Nifty put-call ratio (PCR) at 0.93 vs 0.88
- Nifty PCR Bank at 0.91 vs 1.04
- Fear index India VIX down two per cent at 14.81
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
Nifty50 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 40,100
For new positions in Nifty:
Buy Nifty in the 16,950-17,050 range with a stop loss at 16,825 for targetrs of 17,100, 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, 39,825, 39,900, 39,975 and 40,075
Aggressive traders can buy Nifty Bank on a gap-down opening with a strict stop loss at 39,500 for targets of 40,075, 40,250, 40,350, 40,500, 40,575 and 40,675
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, 39,825 and 39,750
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