Amid positive domestic institutional investors (DIIs), foreign institutional investors (FIIs), neutral global markets and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Tuesday, March 3, 2020, while sentiment is cautious.
The domestic stock markets surrendered the robust start on Monday, March 2, 2020, after the health ministry reported two fresh coronavirus cases in the country. Supported by gains in the Asian markets, the benchmark indices opened sharply higher but later closed in a red. The BSE Sensex slipped 153.27 points or 0.40 per cent at 38,144.02. It rose as much as 785.88 points to hit the day’s high of 39,083.17 in afternoon trade. The Nifty 50 index was down 69 points or 0.62 per cent at 11,132.75. It jumped 231.25 points to hit the day’s high of 11,433. Similarly, Bank Nifty lost 278.75 points or 0.96 per cent and settled at 28,868.40.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 3:
Day support zone on Nifty is 11,000-11,050 and Bank Nifty is 28,600-28,850.
Fresh weakness in markets only below 11,000 on Nifty and 28,500 on Bank Nifty.
Nifty below 11,000 and Bank Nifty is below 28500 big risk opens up.
May fall up to near September 20, 2019, corporate tax cut lows levels: Nifty 10,700-10,850 and Bank Nifty is 27,000-27,200 zone.
Nifty higher levels 11,200, 11,375, 11,425, 11,500, 11,625.
Bank Nifty higher levels 29,050, 29,150, 29,400, 29,500, 29,750, 29,900 Next Support 29,050, 28,950.
Trend reversal and correction over if Nifty and Bank Nifty sustain over 11,600 and 30,200 respectively.
Put-Call Ratio (PCR) High 1.14. The Volatility Index (VIX) up 8.5% at 25.20.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,000.
Bank Nifty intraday and closing stop loss 28,500.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,200.
Bank Nifty intraday and closing stop loss 29,200.
For New Positions:
Buy Nifty with a stop loss of 11,000 and target 11,200, 11,375, 11,425, 11,500.
Sell Nifty in 11,375-11,500 range with a stop loss of 11,600 and target 11,300, 11,200, 11,150.
Buy Bank Nifty with a stop loss of 28,500 and target 29,050, 29,150, 29,400, 29,500, 29,750.
Sell Bank Nifty in 29,750-29,900 range with a stop loss of 30,200 and target 29,550, 29,475, 29,200, 29,050.
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