Anil Singhvi strategy for February 9: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi shares his strategy for the February 9 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 sees support for Nifty50 coming in at 17,750-17,825 levels on February 9.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,750-17,825 levels on Thursday, February 9, a day after the RBI gave the repo rate a hike of 25 basis points along expected lines. Singhvi sees a strong buy zone in the 17,650-17,725 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 40,525-40,675 area.

Here's how Anil Singhvi sums up the market setup on February 9:

Global: Negative
FII: Neutral
DII: Positive
F&O: Neutral
Sentiment: Neutral
Trend: Negative

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,900-17,975 levels and a strong sell zone at 18,000-18,100 levels.

For the banking index, he sees a higher zone at 41,625-41,775 levels and a strong sell area in the 41,950-42,075 band.

FII index longs at 19 per cent on Thursday vs 16 per cent the previous day
Put-call ratio (PCR) at 1.21 vs 0.81 the previous day
Nifty Bank PCR at 0.90 vs 0.95 the previous day
Fear index India VIX down 3.75 per cent at 13.60

Anil Singhvi market strategy

For existing long positions:

Nifty50 intraday and closing stop loss at 17,700
Nifty Bank intraday and closing stop loss at 41,000

For existing short positions:

Nifty intraday stop loss at 18,025 and closing stop loss at 17,900
Nifty Bank intraday and closing stop loss at 42,000

For new positions in Nifty:

Buy Nifty in the 17750-17825 range with a stop loss at 17,700 for targets of 17,850, 17,875, 17,900 and 17,975
Aggressive traders can sell Nifty in the 17,950-18,025 range with a strict stop loss at 18,125 for targets of 17,900, 17,875, 17,850, 17,800, 17,775, 17,750 and 17,700

For new positions in Nifty Bank:

Aggressive traders can buy Nifty Bank in the 41,100-41,275 range with a strict stop loss at 41,000 for targets of 41,375, 41,500, 41,550, 41,625, 41,725 and 41,775
Aggressive traders can sell Nifty Bank in the 41,725-41,875 range with a strict stop loss at 42,000 for targets at 41,625, 41,550, 41,500, 41,400, 41,275 and 41,100

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