Anil Singhvi strategy for February 2: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi shares his strategy for the February 2 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, a day after Finance Minister Nirmala Sitharaman presented a wholesome Budget 2023.

Zee Business Managing Editor Anil Singhvi sees support for Nifty50 coming in at 17,400-17,500 levels on February 2.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,400-17,500 levels on Thursday, a day after Finance Minister Nirmala Sitharaman presented a wholesome Budget 2023, and a strong support zone in the 17,250-17,350 area.

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 in the 40,000-40,150 band and a strong buy area at 39,425-39,500 levels.

Here's how Anil Singhvi sums up the market setup on February 2:

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

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,725-17,800 levels and a profit-booking zone in the 17,850-17,950 band.

For the banking index, he sees a higher zone at 40,800-41,000 levels, and a profit-booking zone in the 41,400-41,650 area.

FII index longs at 19 per cent on Thursday vs 18 per cent the previous day
Put-call ratio (PCR) at 0.70 vs 0.80 the previous day
Nifty Bank PCR at 0.54 vs 0.67 the previous day
Fear index India VIX down 0.56 per cent at 16.78

Anil Singhvi market strategy

For existing long positions:

Nifty intraday stop loss at 17,475 and closing stop loss at 17,600
Nifty Bank intraday stop loss at 40,000 and closing stop loss at 40,300

For existing short positions:

Nifty intraday stop loss at 17,750 and closing stop loss at 17,900
Nifty Bank intraday stop loss at 41,000 and closing stop loss at 41,650

For new positions in Nifty:

Buy Nifty in the 17,400-17,500 range with a stop loss at 17350 for targets of 17,600, 17,650, 17,700, 17,725, 17,800 and 17,850
Sell Nifty in the 17,800-17,900 range with a stop loss at 18,000 for targets of 17,750, 17,700, 17,650, 17,600 and 17,500

For new positions in Nifty Bank:

Buy Nifty Bank in the 39,425-39,500 range with a stop loss at 39,300 for targets of 39,850, 39,925, 40,150, 40,350, 40,500, 40,650 and 40,800
Sell Nifty Bank in the 41,400-41,650 range with a stop loss at 41,800 for targets of 41,200, 40,900, 40,825, 40,650, 40,525, 40,375 and 40,175

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