Anil Singhvi’s Strategy March 5: Amid positive domestic institutional investors (DIIs), neutral global markets, futures & options (F&O) cues, and negative foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be negative on Thursday, March 5, 2020, while sentiment is cautious.
The domestic stocks markets closed in a red on Wednesday, March 4, 2020, amid volatile trade as concerns over rising cases of coronavirus kept domestic investors on the edge. The Sensex at the Bombay Stock Exchange dropped 214.22 points, or 0.55%, to end at 38,409.48. It fell as much as 777.60 points, or 2.01% to hit the day’s low of 37,846.10 in afternoon trade. The Nifty at the National Stock exchange lost 52.30 points, or 0.43%, to 11,251. It fell as much as 221.15 points, or 1.96% at the day’s low 11,082.15.
See Zee Business Live TV streaming below:
Likewise, Bank Nifty lost 523.35 points, or 1.73%, and closed at 28,653.70. It fell as much as 1051.9 points, or 3.60%, to the day’s low of 28,125.15. In the broader market, both the BSE Midcap and the BSE Smallcap indices slumped 1.6%, each. Both these indices steeply underperformed the Sensex.
Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 5:
Day support zone on Nifty is 11,050-11,150 and Bank Nifty is 28,000-28,200.
Higher range on Nifty is 11,350-11,425 and Bank Nifty is 29,000-29,275.
The small day range for trading on Nifty 11,200-11,300, while the medium and bigger ranges are 11,150-11350 and 11,075-11,425 respectively.
The small day range for trading on Bank Nifty is 28,500-28,850, while the medium and bigger ranges are 28,200-29,000 and 28,000-29,275 respectively.
Nifty below 11,000 and Bank Nifty Below 28,500 than big risk opens up, up to near September 20, 2019, 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 11,500 and 29,500.
Put-Call Ratio (PCR) High 1.15, Volatility Index (VIX) 24.23.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,000.
Bank Nifty intraday and closing stop loss 28,000.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,500.
Bank Nifty intraday and closing stop loss 29,300.
For New Positions:
Buy Nifty in 11,050-11,150 range with a stop loss of 11,000 and target 11,200, 11,250, 11,300, 11,350, 11,425.
Sell Nifty in 11,350-11,425 range with a stop loss of 11,500 and target 11,300, 11,250, 11,200, 11,150.
Buy Bank Nifty in 28,100-28,200 range with a stop loss of 28,000 and target 28,500, 28,650, 28,750, 28,850.
Sell Bank Nifty in 29,000-29,275 range with a stop loss of 29,500 and target 28,900, 28,750, 28,650, 28,500.
No stock in F&O Ban
Stock of the Day:
Buy Tata Motors Futures: Stop loss 126 and target 129, 131, 133. Recovery expected as China restoring activities.