Anil Singhvi strategy February 8: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,800-21,865 levels and a strong buy zone at 21,700-21,775 levels on Thursday, February 8.

For the Nifty Bank, he expects support to come in at 45,525-45,625 levels and a strong buy zone at 45,000-45,200 levels.

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

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• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

The market wizard expects a higher zone for the Nifty50 at 21,965-22,025 and a profit-booking zone at 22,050-22,125 levels.

For the banking index, he expects a higher zone at 45,825-45,975 levels and a profit-booking zone at 46,050-46,175 levels.

ANIL SINGHVI MARKET STRATEGY

The market guru expects the market to remain rangebound ahead of the RBI policy announcements, due at 10 am, and says that it will be a make-or-break day for the Nifty Bank.

Singhvi expects strong moves in the banking index once it breaches the 45,500 and 46,100 levels.

He expects strong moves in midcap and smallcap stocks.

Singhvi suggests investor book profits at higher levels following significant FII outflows on Wednesday.

• FII index longs at 34 per cent vs 37 per cent the previous day
• Nifty put-call ratio (PCR) at 1.00 vs 1.11
• Nifty Bank PCR at 0.86 vs 0.67
• Volatility index India VIX down two per cent at 15.51

For existing long positions:

• Nifty intraday stop loss at 21,850 and closing stop loss at 21,700

• Nifty Bank intraday stop loss at 45,500 and closing stop loss at 45,350

For existing short positions:

• Nifty intraday stop loss at 22,125 and closing stop loss at 22,000

• Nifty Bank intraday stop loss at 46,075 and closing stop loss at 46,200

For new positions in Nifty:

• Buy Nifty in the 21,800-21,865 range with a stop loss at 21,700 for targets of 21,900, 21,925, 21,965, 22,000, 22,050 and 22,100

• Aggressive traders can sell Nifty in the 22,050-22,125 range with a strict stop loss at 22,175 for targets of 22,000, 21,965, 21,925, 21,900, 21,865 and 21,800

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 45,525-45,625 range with a strict stop loss at 45,450 for targets of 45,700, 45,825, 45,900, 45,975, 46,050 and 46,175

• Aggressive traders can sell Nifty Bank in the 45,975-46,175 range with a strict stop loss at 46,300 for targets of 45,900, 45,825, 45,725, 45,675, 45,625 and 45,525

F&O ban update

• New in ban: Balrampur Chini, Delta Corp, SAIL

• Already in ban: Ashok Leyland, UPL, NALCO, Hindustan Copper, India Cements, Indus Towers, Zee Entertainment Enterprises

• Out of ban: None

Apollo Tyres results review

The stock has support at Rs 530 and Rs 540 levels; a strong level above Rs 565

• Quarterly operational performance strong
• Both Indian and European businesses performed well

Stocks of the day

Lupin

Buy Lupin futures with a stop loss at Rs 1,584 for targets of Rs 1,645, Rs 1,660 and Rs 1,675

• Results very strong on all parameters
• All markets performing very well

Manappuram

Buy Manappuram futures with a stop loss at Rs 187 for targets of Rs 194 and Rs 196.5

• Results strong
• AUM growth good
• IPO of subsidiary Ashirwad MFI to come soon

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