Amid neutral global markets, Future & options (F&O), negative foreign institutional investors (FIIs), positive domestic institutional investors (DIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Thursday, February 17, 2022. 

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The domestic equity benchmarks, Sensex and the Nifty, on Wednesday, February 16, 2022, witnessed modest losses pairing early gains even as the cues from global equity markets were positive. Amid high volatility, the Sensex closed below the 58,000 mark while the Nifty ended at around 17,300 level.

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The Sensex fell 145.37 points, or 0.25 per cent, to finish at 57,996.68 while the Nifty 50 lost 30.25 points, or 0.17 per cent, to settle at 17,322.20. In the sectoral indices at the NSE, the Bank Nifty index dropped 216.30 points, or 0.57 per cent, to 37,953.80. In the broader market at the BSE, the S&P BSE MidCap fell marginally by 0.03 per cent while S&P BSE SmallCap gained 0.42 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 17:

Day support zone on Nifty is 17,150-17,250, below that 17050-17100 is a strong support zone.

Day higher zone on Nifty is 17,450-17,500, above that 17,575-17,625 is a strong Profit booking zone.

 

Day support zone on Bank Nifty is 37,325-37,500, below that 36,900-37,050 is a strong support zone.

Day higher zone on Bank Nifty is 38,400-38,600, above that 38,725-38,925 is a strong Sell zone.

 

Nifty support levels 17,265, 17,215, 17,150, 17,100, 17,050, 16,850.

Nifty higher levels 17,375, 17,450, 17,500, 17,575, 17,625.

Bank Nifty support levels 37,750, 37,575, 37,500, 37,325, 37,150, 37,050, 36,900, 36,825.

Bank Nifty higher levels 38,200, 38,350, 38,400, 38,500, 38,600, 38,725, 38,850, 38,925.

 

FIIs long position at 55% Vs 54%.

PCR light and comfortable at 0.97 Vs 1.00.

India VIX is unchanged at 20.59.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,200.

Bank Nifty Intraday stop loss is 37,700 and Closing stop loss is 37,500.

For Existing Short Positions:

Nifty Intraday stop loss is 17,525 and Closing stop loss is 17,600.

Bank Nifty Intraday and Closing stop loss are 38,600.

For New Positions:

Aggressive Traders Buy Nifty with a Strict stop loss of 17,200 and target 17,375, 17,450, 17,500, 17,575, 17,600, 17,625.

Sell Nifty in 17,475-17,600 range with a stop loss of 17,650 and target 17,450, 17,375, 17,350, 17,275, 17,200, 17,150, 17,100.

For New Positions:

Aggressive Traders Buy Bank Nifty with a Strict stop loss of 37,700 and target 38,200, 38,350, 38,400, 38,500, 38,600, 38,725, 38,850, 38,925.

Aggressive Traders Sell Bank Nifty in 38,500-38,725 range with a Strict stop loss of 39,000 and target 38,400, 38,200, 38,050, 37,950, 37,750, 37,575, 37,500.

F&O Ban Update:

Out Of Ban: BHEL

3 Already In Ban: Escorts, IB Housing, SAIL

New In Ban: Nil