Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects a strong buy zone for the Nifty50 benchmark at 16,925-17,000 levels on Friday, March 31 — the last day of the financial year and the first trading session of the April derivatives (futures and options) series as the market opens after the Ram Navami holiday.  

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For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda and Axis Bank, he sees support emerging at 39,625-39,775 levels, and a strong buy zone in the 39,375-39,500 area.

Here's how Anil Singhvi sums up the market setup on March 31: 

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

For the 50-scrip headline index, he expects a higher zone at 17,150-17,200 levels and a strong profit-booking zone at 17,250-17,325 levels.​ For the banking index, he sees a higher zone at 40,075-40,200 levels and a profit-booking zone at 40,350-40,500 levels.

  • FII index longs at oversold levels at nine per cent vs 16 per cent the previous day; short covering expected from lower levels
  • Nifty put-call ratio (PCR) at 1.05 vs 0.8 
  • Nifty Bank PCR at 0.94 vs 0.91
  • Fear index India VIX down 10 per cent at 13.63

What Anil Singhvi makes of new F&O series

Anil Singhvi points out strong rollovers in the Nifty Bank, as the market enters the April series. One can expect a breakout each in the Nifty50 and the Nifty Bank once the indices close above 17,200 and 40,000 respectively, he says.

Closing levels below 16,900 and 39,000 will be a sign of weakness, according to Singhvi.

ALSO READ: Nifty sheds 431 pts in March F&O series, Nifty Bank slips 91 pts

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

  • Nifty50 intraday and closing stop loss at 16,900
  • Nifty Bank intraday and closing stop loss at 39,500

For existing short positions:

  • Nifty intraday and closing stop loss at 17,225
  • Nifty Bank intraday and closing stop loss at 40,200  

For new positions in Nifty:

  • Buy Nifty with a stop loss at 17,000 for targets of 17,150, 17,200, 17,250, 17,275, 17,300 and 17,325
  • Aggressive traders can sell Nifty in the 17,200-17,300 range with a strict stop loss at 17,350 for targets of 17,150, 17,100, 17,075, 17,050 and 17,000

For new positions in Nifty Bank:

  • Place a stop loss at 39,600 for targets of 40,000, 40,075, 40,200, 40,350 and 40,500
  • Sell Nifty Bank in the 40,350-40,500 range with a stop loss at 40,700 for targets of 40,200, 40,075, 40,000, 39,900, 39,775 and 39,700

F&O ban update

  • No stock in ban

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