Anil Singhvi’s Strategy March 23: Support zone on Nifty is 17,175-17,275 & Bank Nifty is 35,900-36,050

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral Wednesday, March 23, 2022.

Nifty higher zone is 17,450-17,500, above that 17,565-17,625 is a strong Profit-booking zone.

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral Wednesday, March 23, 2022.

At the stock markets, the Sensex and the Nifty, on Tuesday, March 22, 2022, climbed more than one per cent. Both stocks jumped in sync with gains in other Asian share markets. Shares traded lower in the first half of the trading session amid firm crude prices and hawkish signals from US central bank. However, the market bounced back in afternoon trade as European markets opened higher, helped by reassuring comments from a top ECB official.

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The S&P BSE Sensex closed near the 58,000 mark while the NSE Nifty settled above the 17,300 level. The Sensex rose 696.81 points, or 1.22 per cent, to close at 57,989.30. The Nifty 50 also gained 197.80 points, or 1.16 per cent, to finish at 17,3165.50. In the sectoral indices, the Bank Nifty added 330.05 points, or 0.92 per cent, to end at 36,348.55.

In the broader markets at the BSE, the S&P BSE MidCap and S&P BSE SmallCap ended 0.17 per cent and 0.15 per cent higher, respectively.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 23:

Nifty support zone is 17,175-17,275, below that 17,000-17,100 is a strong Buy Zone.

Nifty higher zone is 17,450-17,500, above that 17,565-17,625 is a strong Profit-booking zone.

Bank Nifty support zone is 35,900-36,050, below that 35,650-35,750 is a strong Buy zone.

Bank Nifty higher zone is 36,475-36,600, above that 36,800-36,900 is a strong Profit-booking zone.

Nifty support levels are 17,275, 17,175, 17,125, 17,100, 17,000.

Nifty higher levels are 17,350, 17,400, 17,450, 17,490, 17,525, 17,565.

Bank Nifty support levels are 36,275, 36,025, 35,900, 35,750, 35,650, 35,475, 35,400.

Bank Nifty higher levels are 36,450, 36,600, 36,800, 36,900, 37,050, 37,150, 37,225, 37,300, 37,500.

FIIs Index Long position at 58% Vs 56%.

PCR at 1.01 Vs 0.87.

India VIX is down by 2% at 24.07.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,100.

Bank Nifty Intraday and Closing stop loss are 36,000.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,375.

Bank Nifty Intraday and Closing stop loss are 36650.

For New Positions:

Buy Nifty with a stop loss of 17,100 and target 17,350, 17,400, 17,450, 17,490, 17,525, 17,565.

Sell Nifty in 17,490-17,565 range with a stop loss of 17,675 and target 17,450, 17,400, 17,350, 17,300, 17,175, 17,125, 17,100.

For New Positions:

Buy Bank Nifty with a stop loss of 36,000 and target 36,450, 36,600, 36,800, 36,900, 36,975, 37,050.

Sell Bank Nifty in 36,800-36,900 range with a strict stop loss of 37,150 and target 36,650, 36,475, 36,425, 36,350, 36,275, 36,025, 35,900.

F&O Ban Update:

Total 5 stocks in Ban

New in Ban: Sun TV, GNFC

Already in Ban: Delta Corp, Balrampur Chini, Indiabulls Housing Finance

Out of Ban: Nil

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