Anil Singhvi’s Strategy March 8: Support zone on Nifty is 15,700-15,750 & Bank Nifty is 32,375-32,500

Amid negative global markets, foreign institutional investors (FIIs), sentiment, positive domestic institutional investors (DIIs) and future & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Tuesday, March 8, 2022.

Nifty higher zone is 15,950-16,125, above that 16,250-16,350 is a strong Sell zone.

Amid negative global markets, foreign institutional investors (FIIs), sentiment, positive domestic institutional investors (DIIs) and future & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Tuesday, March 8, 2022.

The equity benchmarks plunged by around two and a half per cent on Monday, March 7, 2022. The key domestic share markets tumbled in sync with big falls in the global stocks. Soaring crude oil prices amid the ongoing Russia-Ukraine crisis continued to spook investors. The S&P BSE Sensex closed below 52,900 points while the NSE Nifty finished below the 15,900 level.

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The Sensex lost 1491.06 points, or 2.74 per cent, to settle at 52,842.75. The Nifty also declined 382.20 points, or 2.35 per cent, to trade at 15,863.15. Bank Nifty index tanked 1,536.55 points, or 4.47 per cent, to close at 32,871.25.

In the broader market, the S&P BSE MidCap index shed 2.25 per cent while the S&P BSE Small-Cap index lost 2.30 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 8:

Nifty support zone is 15,700-15,750, below that 15,525-15,625 is a strong support Zone.

Nifty higher zone is 15,950-16,125, above that 16,250-16,350 is a strong Sell zone.

Bank Nifty support zone is 32,375-32,500, below that 32,000-32,200 is a next support zone.

Bank Nifty higher zone is 33,300-33,525, above that 33,900-34,100 is a Sell zone.

Nifty support levels are 15,750, 15,700, 15,650, 15,575, 15,525.

Nifty higher levels are 15,950, 16,000, 16,125, 16,200, 16,250.

Bank Nifty support levels 32,500, 32,375, 32,200, 32,050.

Bank Nifty higher levels 33,000, 33,300, 33,400, 33,525, 33,900, 34,100, 34,400.

Big Reduction in FIIs long position at 40% Vs 43%.

PCR oversold at 0.69 Vs 0.85, short-covering expected from lower levels.

India VIX up by 5% at 29.33.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 15,700.

Bank Nifty Intraday and Closing stop loss are 32,350.

For Existing Short Positions:

Nifty Intraday stop loss is 16,025 and Closing stop loss is 16,250.

Bank Nifty Intraday stop loss is 33,600 and Closing stop loss is 34,100.

For New Positions:

Aggressive Traders Buy Nifty in 15,525-15,725 range with a Strict stop loss of 15,475 and target 15,850, 15,900, 15,950, 16,125, 16,200.

Sell Nifty in 16,125-16,250 range with a stop loss of 16,350 and target 15,950, 15,900, 15,875, 15,800, 15,750, 15,725.

For New Positions:

Aggressive Traders Buy Bank Nifty in 32,375-32,525 range with a Strict stop loss of 32,200 and target 32,850, 33,000, 33,300, 33,400, 33,525, 33,900, 34,100.

Sell Bank Nifty in 33,900-34,100 range with a stop loss of 34,500 and target 33,525, 33,400, 33,300, 33,000, 32,875, 32,700, 32,500, 32,375.

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