Anil Singhvi’s Strategy March 18: Traders sell on Rise and Exit from long positions

Anil Singhvi’s Strategy March 18: 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 Wednesday, March 18, 2020.

The market reversed its intraday gains and fell sharply in late trade on Tuesday, March 17, 2020, amid fears of a likely global recession following the coronavirus outbreak. The barometer index, Sensex at the Bombay Stock Exchange slumped 810.98 points or 2.58% at 30,579.09. It hit the day's high of 32,047.98 in morning trade. The Nifty 50 at the National Stock exchange crumbled 230.35 points or 2.50% to settle at 8,967.05. It reversed from an intraday high of 9,403.80. The index closed below 9000-mark for the first time since March 10, 2017. Likewise, the Bank Nifty index lost 946 points or 4.10% to 22,155.15. It lost from the intraday high of 23,449.50.

See Zee Business Live TV streaming below:

#mute

Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 18:

Next Important Support Zone on Nifty is 8,550-8,700, 8,200-8,300 and Bank Nifty is 21,350-21,500, 20,900-21,100.

If these levels come, then INVEST 20% 20% CASH at both levels in Mutual Funds or Invest Directly.

Big Higher range on Nifty is 9,400-9,600, 9,950-10,150 and Bank Nifty is 23,500-24,000, 25,000-25,200.

For TRADERS still don’t take… don’t take… don’t take…

Traders sell on a rise and Exit from long positions as and when stock prices come near to your cost.

For Existing Long Positions:

Nifty intraday and closing stop loss 8,900.

Bank Nifty intraday and closing stop loss 22,000.

For Existing Short Positions:

Nifty intraday and closing stop loss 9,600

Bank Nifty intraday and closing stop loss 23,500.

For New Positions:

Sell Nifty in 9,400-9,600 range with a stop loss 9,800 and target 9,200, 9,000, 8,925, 8,650.

Buy Nifty in 8,500-8,650 range, only for aggressive traders, with strict stop loss 8,400 and target 8,900, 9,000, 9,150.

Sell Bank Nifty in 23,000-23,500 range with a stop loss of 24,100 and target 22,500, 22,200, 22,000, 21,500.

Buy Bank Nifty in 21,000-21,350 range, only for aggressive traders, with strict stop loss of 20,900 and target 21,500, 22,000, 22,150.

Put-Call Ratio (PCR) High 1.03, Volatility Index (VIX) up by another 7% to 62.93.

No stock in F&O Ban