Anil Singhvi strategy for February 7: Key market triggers, important levels to track in Nifty50, Nifty Bank today

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,650-17,700 levels on Tuesday, February 7, and 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, Singhvi sees support coming in at 40,825-41,000 levels , and a strong buy zone in the 40,525-40,750 area. 

Here's how Anil Singhvi sums up the market setup on February 7: 

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

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,825-17,875 levels and a strong sell zone in the 17,900-17,975 area.​

For the banking index, he sees a higher zone at 41,525-41,725 levels and a strong sell area in the 41,950-42,075 band.  

• FII index longs at 15 per cent on Tuesday vs 19 per cent the previous day

• Put-call ratio (PCR) at 0.96 vs 1.17 the previous day

• Nifty Bank PCR at 0.89 vs 1.03 the previous day

• Fear index India VIX up by two per cent at 14.69

Anil Singhvi market strategy

For existing long positions:

• Nifty 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 41,750

For new positions in Nifty:

• Buy Nifty with a stop loss at 17,600 for targets of 17,825, 17,850, 17,875, 17,900 and 17,975

• Sell Nifty in the 17,850-17,975 range with a stop loss at 18,050 for targets of 17,800, 17,775, 17,750, 17,700, 17,650 and 17,600

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank with a strict stop loss at 41,000 for targets of 41,500, 41,550, 41,650, 41,725, 41,950, 42,025 and 42,075

• Aggressive traders can sell Nifty Bank in the 41,725-41,950 range with a strict stop loss at 42,100 for targets of 41,650, 41,550, 41,500, 41,375, 41,275, 41,150 and 41,000

F&O ban update

• Already in ban: Adani Ports

• New in ban: None

• Out of ban: None

Stocks of the day 

• Sell Tata Steel
• Sell Hindalco
• Sell LIC Housing Finance
• Weak results: Muthoot Finance

Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.