Anil Singhvi’s Strategy February 10: Day support zone on Nifty is 17,340-17,400 & Bank Nifty is 38,050-38,200

Amid positive global markets, domestic institutional investors (DIIs), future & options (F&O), sentiment and neutral foreign institutional investors (FIIs) cues, the short-term trend of the Indian stock markets will be neutral on Thursday, February 10, 2022. 

Equity benchmarks on Wednesday, February 9, 2022, gained more than one per cent amid positive global cues. The Sensex closed above 58,400 points while the Nifty ended above the 17,400 level.

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The Sensex climbed 657.39 points, or 1.14 per cent, to finish at 58,465.97 while the Nifty surged 197.05 points, or 1.14 per cent, to settle at 17,463.80. In the sectoral indices at the NSE, the Bank Nifty index gained 581.80 points, or 1.53 per cent, to settle higher at 38,610.25.

In the broader market at the BSE, the Mid-Cap and the Small-Cap underperformed the Sensex. The Mid-Cap declined 0.45 per cent and the Small-Cap index plunged 1.4 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 10: 

Day support zone on Nifty is 17,340-17,400, below that 17,225-17,275 is a strong Buy zone

Day higher zone on Nifty is 17,525-17,575, above that 17,625-17,675 is a Profit booking zone.

Day support zone on Bank Nifty is 38,050-38,200, below that 37,700-37,850 is a strong Buy zone

Day higher zone on Bank Nifty is 38,850-39,025, above that 39,275-39,425 is a Profit booking zone.

The small day range for trading on Nifty is 17,400-17,575, while the medium and bigger day ranges are 17,340-17,625 and 17,275-17,675, respectively.

The small day range for trading on Bank Nifty is 38,500-38,850, while the medium and bigger day ranges are 38,050-39,025 and 37,850-39,300, respectively.

FIIs long position at 44% Vs 39%

PCR light and comfortable at 1.00 Vs 0.77

India VIX down by 6% at 18.56

For Existing Long Positions:

Nifty Intraday stop loss is 17,325 and Closing stop loss is 17,200.

Bank Nifty Intraday and Closing stop loss are 38,000.

For Existing Short Positions:

Nifty Intraday stop loss is 17,625 and Closing stop loss is 17,575.

Bank Nifty Intraday and Closing stop loss are 39,050.

For New Positions:

Buy Nifty with a stop loss of 17,325 and target 17,500, 17,525, 17,575, 17,625, 17,675.

Sell Nifty in 17575-17675 range with a stop loss of 17,800 and target 17,525, 17,475, 17,400, 17,350, 17,300.

For New Positions:

Aggressive Traders Buy Bank Nifty with a strict stop loss of 38,350 and target 38,725, 38,850, 38,925, 39,025, 39,275, 39,325.

Buy Bank Nifty in 38,050-38,225 range with a stop loss of 37,850 and target 38,350, 38,500, 38,600, 38,725, 38,850.

Sell Bank Nifty in 38,925-39,275 range with a stop loss of 39,500 and target 38,725, 38,600, 38,500, 38,350, 38,200, 38,050.

F&O Ban Update:

New In Ban: PNB

Already In Ban: BHEL

Out Of Ban: Nil