Anil Singhvi’s Strategy February 23: Day support zone on Nifty is 14625-14675 & Bank Nifty is 34900-35100

Amid neutral global markets, foreign institutional investors (FIIs) and sentiments, positive futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, February 23, 2021.

Domestic benchmark indices closed with significant losses on Monday, February 22, 2021. The Sensex closed in the red at 49,744.32, down by over 1145 points or 2.25 per cent while the NSE Nifty settled at 14, 675.70, falling by over 306 points or 2 per cent on Monday.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 23:

Nifty 14625-14675 Day support zone, Below that 14500-14550 strong Buy zone

Nifty 14800-14850 Day higher zone, Above that 14900-14925 profit-booking zone

Bank Nifty 34900-35100 Day support zone, Below that 34650-34750 strong support zone

Bank Nifty 35575-35825 Day higher zone, Above that 36000-36100 profit-booking zone

Nifty 14635-14800 Small Day Range, 14550-14850 Medium Range, 14500-14900 Bigger Range

Bank Nifty 35100-35575 Small Day Range, 34900-35825 Medium Range, Big Range 34750-36100

FIIs increased Index long at 64% vs 61%

PCR oversold at 0.99 vs 1.19, short covering expected

India VIX at high volatility alert, up 14% at 25.47

For Existing Long Positions:

Nifty Intraday n Closing SL 14600

Bank Nifty Intraday and closing SL 34900

For Existing Short Positions:

Nifty Intraday n Closing SL 14800

Bank Nifty Intraday SL 35600 and closing SL 35850

For New Positions:

Buy Nifty:

SL 14600 Tgt 14800, 14850, 14900, 14925

Sell Nifty in 14900-14925 range:

SL 15000 Tgt 14850, 14800, 14700

For New Positions:

Buy BankNifty:

SL 34900 Tgt 35550, 35825, 35975, 36050, 36125

Sell Bank Nifty in 35825-36100 range:

SL 36200 Tgt 35600, 35350, 35275, 35100

Total 4 stocks in F&O Ban:

New In Ban: Nil

Already In Ban: BHEL, Canara Bk, Idea, SAIL

Out Of Ban: Nil

Heranba Ind IPO Preview:

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Reasonable valuations

Good growth prospects

Experienced promoters

Negatives:

Smaller size company

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