Anil Singhvi strategy for February 8: 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 Wednesday, February 8 — the day the RBI reveals what's in store for the economy and the market at the end of a three-day policy review. Singhvi sees 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, he sees support coming in at 41,100-41,275 levels, and a strong buy zone in the 40,675-40,800 area. 

Here's how Anil Singhvi sums up the market setup on February 8: 

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

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,800-17,850 levels and a strong sell zone in the 17,875-17,975 area.​

For the banking index, he sees a higher zone at 41,950-42,075 levels and a strong sell area in the 42,175-42,375 band.  

• FII index longs at 16 per cent on Wednesday vs 15 per cent the previous day

• Put-call ratio (PCR) at 0.81 vs 0.96 the previous day

• Nifty Bank PCR at 0.95 vs 0.89 the previous day

• Fear index India VIX down by 3.81 per cent at 14.13

Anil Singhvi market strategy

For existing long positions:

• Nifty50 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 42,000

For new positions in Nifty:

• Buy Nifty with a stop loss at 17600 for targets of 17,775, 17,825, 17,850, 17,875 and 17,975

• Sell Nifty in the 17850-17975 range with a stop loss at 18,050 for targets of 17,800, 17,775, 17,725, 17,700 and 17,650

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank with a strict stop loss at 41,000 for targets of 41,625, 41,725, 41,875, 41,950, 42,025, 42,075, 42,175 and 42,225

• Sell Nifty Bank in the range of 42,000-42,200 range with a stop loss at 42,350 for targets of 41,825, 41,725, 41,650, 41,550, 41,500, 41,375, 41,275 and 41,100

F&O ban update

• New in ban: Ambuja Cement
  Out of ban: Adani Ports
  Already in ban: None

Stocks of the day 

• Bharti Airtel: Good results, India business strong
• Hero MotoCorp: Stable results, growth and margin stable
• Navin Fluorine: Strong results but stock already ran in last two days

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