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.

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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

F&O ban update

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

Stock of the day 

  • Buy Ashok Leyland
  • Positive: Britannia

Editor’s Take on Adani

FPO called off but big questions remain in market, such as: 

  • Short covering vs delivery selling: which will win?
  • Will FPO investors buy Adani Enterprises shares today?
  • Where will the group get funds for capex and debt repayment now?

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