Amid positive domestic institutional investors (DIIs), neutral global markets, foreign institutional investors (FIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be negative on Wednesday, March 4, 2020, while sentiment is cautious.
The market ended with strong gains on Tuesday, March 3, 2020, snapping losses in the past seven trading sessions. The Nifty fell 8.19% and the Sensex fell 7.69% in the past seven trading sessions. The barometer index, the S&P BSE Sensex, climbed 479.68 points or 1.26% at 38,623.70 on Tuesday. The Nifty 50 index jumped 170.55 points or 1.53% at 11,303.30. Likewise, Bank Nifty gained 308.65 points or 1.07% and closed at 29,177.05.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 4:
Day support zone on Nifty is 11,050-11,150 and Bank Nifty is 28,750-28,900.
Higher range on Nifty is 11,425-11,500 and Bank Nifty is 29,550-29,750.
The small day range for trading on Nifty is 11,200-11,350, while the medium and bigger ranges are 11,150-11,425 and 11,050-11,500 respectively.
The small day range for trading on Bank Nifty is 28,875-29,275, while the medium and bigger ranges are 28,750-29,550 and 28,600-29,775 respectively.
Fresh weakness in markets only below 11,000 on Nifty and 28,500 on Bank Nifty.
Nifty below 11,000 Bank Nifty below 28,500 big risk opens up.
May fall up to near September 20 corporate tax cut lows levels: Nifty 10,700-10,850 and Bank Nifty 27,000-27,200 zone.
Trend reversal and correction over if Nifty and Bank Nifty sustain over 11,600 and 30,200 respectively.
Put-Call Ratio (PCR) High 1.21, Volatility Index (VIX) 24.54.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,125.
Bank Nifty intraday and closing stop loss 28,850.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,500.
Bank Nifty intraday and closing stop loss 29,550.
For New Positions:
Buy Nifty in 11,050-11,150 range with a stop loss of 11,000 and target 11,200, 11,300, 11,425.
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 in 28,600-28,750 range with a stop loss of 28,500 and target 28,850, 29,000, 29,150, 29,250.
Sell Bank Nifty in 29,550-29,750 range with a stop loss of 29,900 and target 29,475, 29,300, 29,200.
No stock in F&O Ban
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Stock of the Day:
Sell Max Financial Futures: Stop loss 610 and target 575, 565. No cash deal, more shares issued than expected, upside capped