Anil Singhvi’s Strategy March 6: 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 Friday, March 6, 2020.
The domestic stocks closed with minor gains on Thursday, March 5, 2020, after rising sharply in afternoon trade as concerns over coronavirus outbreak continued to haunt investors. Trading was volatile due to expiry of weekly index options on the NSE. The Sensex at the Bombay Stock Exchange rose 61.13 points, or 0.16 per cent, to end at 38,470.61. The Nifty at the National Stock exchange gained 18 points, or 0.16 per cent, to 11,269. Likewise Bank Nifty rose 161.65 points, or 0.56 per cent, to 28,815.35.
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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for March 6:
Last support zone on Nifty is 11,000-11,050 and Bank Nifty is 28,000-28,150.
Nifty and Bank Nifty below 11,000 and 28,500 big risk open up, up to near September 20, 2019. Corporate tax cut lows levels : Nifty 10,675-10,850 and Bank Nifty 26,650-27,200 zone.
The small day range for trading on Nifty is 10,850-11,000, while the medium and bigger ranges are 10,800-11,125 and 10,700-11,200 respectively.
The small day range for trading on Bank Nifty is 28150-28550 small day range, while the medium and bigger ranges are 28,000-28,650 and 27,400-28,800 respectively.
Trend reversal and correction over if Nifty and Bank Nifty sustain over 11,400 and 29,300.
Put-Call Ratio (PCR) High 1.42, Volatility Index (VIX) 23.25.
For Existing Long Positions:
Nifty intraday and closing stop loss 11,150.
Bank Nifty intraday and closing stop loss 28,500.
For Existing Short Positions:
Nifty intraday and closing stop loss 11,300.
Bank Nifty intraday and closing stop loss 28,850.
For New Positions:
Sell Nifty with a stop loss of 11,200 and target 11,000, 10,850, 10,800, 10,700.
Buy Nifty near 10,700 with a stop loss of 10,650 and target 10,800, 10,850, 10,875.
Sell Bank Nifty with a stop loss of 28,500 and target 28,150, 28,000, 27,400.
Yes Bank still in F&O Ban
Stock of the Day:
Sell SBI Futures: Stop loss 292 and target 275, 270, 265.