Anil Singhvi strategy for February 3: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,500-17,550 levels on Friday, the last session of the Budget week, and a strong buy zone at 17,350-17,450 levels. 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 in the 40,350-40,525 band and a strong buy area at 40,000-40,150 levels. 

Here's how Anil Singhvi sums up the market setup on February 3: 

• 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 17,650-17,725 levels and a profit-booking zone in the 17,775-17,850 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. 

• FIIs index longs at 17 per cent on Friday vs 19 per cent the previous day

• Put-call ratio (PCR) at 0.94 vs 0.70 the previous day

• Nifty Bank PCR at 0.70 vs 0.54 the previous day

• Fear index India VIX down 6.24% at 15.73

Anil Singhvi market strategy

For existing long positions:

• Nifty intraday stop loss at 17,400 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 40,850 and closing stop loss at 41,650

For new positions in Nifty:

• Buy Nifty in the 17,450-17,525 range with a stop loss at 17,350 for targets of 17,600, 17,650, 17,700 and 17,725
• Aggressive traders can buy Nifty with a strict stop loss at 17,450 for targets of 17,650, 17,700, 17,725, 17,775, 17,800 and 17,850
• Aggressive traders can sell Nifty in the 17,725-17,850 range with a strict stop loss at 17,975 for targets of 17,700, 17,650, 17,600, 17,525, 17,500 and 17,450

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 40,175-40,375 range with a strict stop loss at 40,000 for targets of 40,500, 40,650, 40,750, 40,800 and 41,000

• 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 and 40,375

F&O ban update

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

Stocks of the day 

• Sell Birlasoft
• Sell CG Consumers
• Buy IndusInd Bank
• Buy Apollo Tyres
• Strong results: Karnataka Bank, AB Capital
• Weak results: Tata Consumers

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