Anil Singhvi strategy for February 8: Key market triggers, important levels to track in Nifty50, Nifty Bank today
Zee Business Managing Editor Anil Singhvi shares his strategy for the February 8 session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.
Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,650-17,700 levels on Wednesday, February 8 — the day the RBI reveals what's in store for the economy and the market at the end of a three-day policy review. Singhvi sees a strong buy zone in the 17,550-17,600 band.
For the Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, Axis Bank and ICICI Bank, he sees support coming in at 41,100-41,275 levels, and a strong buy zone in the 40,675-40,800 area.
Here's how Anil Singhvi sums up the market setup on February 8:
- Global: Positive
- FII: Negative
- DII: Positive
- F&O: Neutral
- Sentiment: Neutral
- Trend: Negative
For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,800-17,850 levels and a strong sell zone in the 17,875-17,975 area.
For the banking index, he sees a higher zone at 41,950-42,075 levels and a strong sell area in the 42,175-42,375 band.
FII index longs at 16 per cent on Wednesday vs 15 per cent the previous day
Put-call ratio (PCR) at 0.81 vs 0.96 the previous day
Nifty Bank PCR at 0.95 vs 0.89 the previous day
Fear index India VIX down by 3.81 per cent at 14.13
Anil Singhvi market strategy
For existing long positions:
Nifty50 intraday and closing stop loss at 17,600
Nifty Bank intraday and closing stop loss at 41,000
For existing short positions:
Nifty intraday and closing stop loss at 17,900
Nifty Bank intraday and closing stop loss at 42,000
For new positions in Nifty:
Buy Nifty with a stop loss at 17600 for targets of 17,775, 17,825, 17,850, 17,875 and 17,975
Sell Nifty in the 17850-17975 range with a stop loss at 18,050 for targets of 17,800, 17,775, 17,725, 17,700 and 17,650
For new positions in Nifty Bank:
Aggressive traders can buy Nifty Bank with a strict stop loss at 41,000 for targets of 41,625, 41,725, 41,875, 41,950, 42,025, 42,075, 42,175 and 42,225
Sell Nifty Bank in the range of 42,000-42,200 range with a stop loss at 42,350 for targets of 41,825, 41,725, 41,650, 41,550, 41,500, 41,375, 41,275 and 41,100
F&O ban update
New in ban: Ambuja Cement
Out of ban: Adani Ports
Already in ban: None
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