Anil Singhvi’s Strategy March 24: Important DAY Support Zone on Nifty is 7,500-7,600; 9 Stocks Are in F&O Ban

Anil Singhvi’s Strategy March 24: Amid positive domestic institutional investors (DIIs), neutral global markets, negative foreign institutional investors (FIIs), futures & options (F&O) and sentiment cues, the short-term trend of the Indian stock markets will be negative on Tuesday, March 24, 2020.

Key domestic benchmarks crashed on Monday, March 23, 2020, after the rapidly spreading coronavirus pandemic sent major Indian states into a lockdown. Investors feared that the Covid-19 outbreak could bring the economy to a grinding halt. The barometer index, the S&P BSE Sensex crashed 3,934.72 points or 13.15% at 25,981.24. The Nifty 50 index slumped 1,135.20 points or 12.98% at 7,610.25. Bank Nifty was 3,399.95 points or 16.24% down to 16,017.65. In the broader market, the BSE Midcap index fell 12.8 per cent and the Smallcap index declined 12.3 per cent.

See Zee Business Live TV streaming below:

The Sensex and the Nifty hit a lower circuit limit of 10% in morning trade. The market resumed trading at 10:43 IST for the pre-opening session. Normal trading started from 10:58 IST.

Zee Business's Managing Editor Anil Singhvi's Market Strategy for March 24:

For traders: As advised in yesterday closing show at 3.20 PM that markets OVERREACTED and OVERSOLD so EXIT shorts and BUY CALLS.

For Investors: Asked to INVEST bigger portion 35% of CASH in Mutual Funds or Invest Directly

Important DAY Support Zone on Nifty is 7,500-7,600 and Bank Nifty is 16,700-17,000.

Higher range on Nifty is 7,800, 8,150-8,250, 8,400-8,650 and Bank Nifty is 18,650-18,900-19,250.

For Traders: Still Nahi Lena Hai… Nahi Lena Hai… Nahi Lena Hai…

If any Bounce back comes, ONLY EXIT... Nahi Fasna Hai… Nahi Fasna Hai… Nahi Fasna Hai…

For Existing Long Positions:

Nifty intraday and a closing stop loss of 7,500.

Bank Nifty intraday and a closing stop loss of 16,500.

For Existing Short Positions:

Nifty intraday and a closing stop loss of 8,250

Bank Nifty intraday and a closing stop loss of 19,300.

For New Positions:

Buy Nifty with a stop loss of 7,800 and target 7,825, 8,000, 8,125, 8,250, 8,400.
Sell Nifty in 8,400-8,550 range with a stop loss of 8,750 and target 8,300, 8,150, 8,000, 7,850.

Buy Bank Nifty with a stop loss of 16,700 and target 17,500, 18,000, 18,650, 18,850.

Sell Bank Nifty in 18,500-18,900 range with a stop loss of 19,300 and target 18,000, 17,500, 17,000.

Put-Call Ratio (PCR) High 1.03, Volatility Index (VIX) up 7% to 71.99.

PCR 1.03 VIX up 7% to 71.99

9 stocks still in F&O Ban:

Adani Ent, IBull Hsg, Idea, Yes Bank, JSPL, Just Dial, NCC, PNB, PVR