Amid positive domestic institutional investors (DIIs), neutral global markets, foreign institutional investors (FIIs), futures & options (F&O) and negative sentiment cues, the short-term trend of the Indian stock markets will be negative on Monday, March 2, 2020.
The Indian equity market witnessed a kneejerk reaction on Friday, February 28, 2020, on fears that a viral outbreak that began in China will weaken the world economy. The barometer index the Sensex at the Bombay Stock Exchange tanked 1448.37 points, or 3.64 per cent, to end at 38,297.29, its lowest closing level since 11 October 2019. The Nifty 50 at the National Stock exchange tumbled 431.55 points, or 3.56 per cent, to 11,201.75, its lowest closing level since 7 October 2019. Likewise, Bank Nifty fell 1,039.85 points, or 3.25 per cent, below 30,000-mark, to 29,147.15. On the day IOC and Maruti Suzuki were the only stocks that performed positively on Nifty 50.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 2:
The medium day range for trading on Nifty is 11,175-11,300, while the medium and bigger ranges are 11,100-11,375 and 11,000-11,450.
Bank Nifty higher levels 29,475, 29,550, 29,600, 29,750, and Next Support 29,050, 28,950.
Nifty below 11,000 Bank Nifty Below 28,950 big risk opens up.
Before Corporate tax cut lows next big support for Nifty is 10,700-10,850 and Bank Nifty 27,000-27,200 zone.
Put-Call Ratio (PCR) is 1.10. The Volatility Index (VIX) up 31% at 23.24.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,175.
Bank Nifty intraday and closing stop loss 28,950.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,400.
Bank Nifty intraday and closing stop loss 29,600.
For New Positions:
Buy Nifty with a stop loss of 11,175 and target 11,300, 11,375, 11,450.
Sell Nifty in 11,375-11,475 range with a stop loss of 11,550 and target 11,300, 11,200, 11,175.
Buy Bank Nifty with a stop loss of 28,950 and target 29,400, 29,475, 29,550, 29,600.
Sell Bank Nifty in 29,500-29,650 range with a stop loss of 29,750 and target 29,400, 29,200.
No stock in F&O Ban
Watch Zee Business live TV below:
Stock of the Day:
Buy Indiabulls Housing Futures: Stop loss 275 and target 290, 298, 303. RBI finds no violations in Indiabulls Housing case.