Amid positive domestic institutional investors (DIIs), negative global markets, foreign institutional investors (FIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be negative on Monday, March 16, 2020.
Staging the biggest-ever rebound, the domestic benchmark indices recovered from their intra-day low on Friday, March 13, 2020, after hitting lower circuit levels in the opening trade.
Trading was halted in early session after benchmark indices dropped by 10 per cent to hit the lower circuit. The market sharply recovered during the second pre-open session of the day. The market resumed at 10:05 IST for the pre-opening session. Normal trading restarted from 10:20 IST.
The Sensex at the Bombay Stock Exchange spurted 1,325.34 points or 4.04 per cent, to end above the 34,000-level at 34,103.48. The Nifty gained 365.05 points or 4.52 per cent, to close at 9,955.20. Similarly, Bank Nifty gained 1,195.25 points or 5.74 per cent to close at 25,166.45.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 13:
Next Important Support Zone on Nifty is 9,500-,9600, 8,900-9,050 and 8,650-8,800 and Bank Nifty is 24,300-24,500, 23,300-23,500, 22,300-23,500.
If for any reason Nifty and Bank Nifty come in 8,850-9,100 and 22,200-22,500 range, then INVEST 20% CASH in Mutual Funds or Invest Directly.
For TRADERS still do not take… do not take… do not take…
For Existing Long Positions:
Nifty intraday and closing stop loss 9,500.
Bank Nifty intraday and closing stop loss 23,500.
For Existing Short Positions:
Nifty intraday and closing stop loss 10,200.
Bank Nifty intraday and closing stop loss 25,700.
For New Positions:
Sell Nifty with a stop loss of 10,200 and target 9,600, 9,525, 9,300, 9,200.
Sell Bank Nifty with a stop loss of 25,700 and target 24,300, 24,000, 23,500, 23,300.
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Negative: IT, Banks, NBFC, Auto, Aviation, Multiplexes
Put-Call Ratio (PCR) High 1.11, Volatility Index (VIX) up by another 25% to 51.47.
No stock in F&O Ban