Anil Singhvi’s Strategy February 2: Day support zone on Nifty is 17,425-17,500 & 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 Wednesday, February 2, 2022. 

Domestic equity markets closed with a gain of more than a per cent on Tuesday, February 1, 2021, as investors cheered the union budget with its higher capital expenditure on infra. The government's focus on boosting manufacturing as well as an underlined emphasis on areas such as startups, modern mobility and clean energy, boosted investors sentiment.

The Sensex regained the 58,500 mark. The Nifty reclaimed 17,500 levels. The S&P BSE Sensex jumped 848.40 points, or 1.46 per cent to settle at 58,862.57. The Nifty 50 also surged 237 points, or 1.37 per cent, to finish at 17,576.85. In sectoral indices at the NSE, the Bank Nifty index gained 530.15 points, or 1.40 per cent, to close at 38,505.50.

In the broader market at the BSE, the Mid-Cap surged 1.08 per cent and the Small-Cap index climbed 0.92 per cent.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 2: 

Day support zone on Nifty is 17,425-17,500, below that 17,275-17,350 is a strong Buy zone.

Day higher zone on Nifty is 17,650-17,750, above that 17,800-17,875 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 38,850-39,000, above that 39,225-39,375 is a Profit booking zone.

The small day range for trading on Nifty is 17,500-17,700, while the medium and bigger day ranges are 17,400-17,750 and 17,350-17,800, respectively.

The small day range for trading on Bank Nifty is 38,200-38,850, while the medium and bigger day ranges are 38,050-39,025 and 37,850-39,225, respectively.

FIIs long position is unchanged at 32%.

PCR at 0.97 Vs 0.91.

Both FIIs and PCR are light and comfortable.

India VIX down by 9% at 19.98

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,325.

Bank Nifty Intraday and Closing stop loss are 37,900.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,650.

Bank Nifty Intraday and Closing stop loss are 38,900.

For New Positions:

Buy Nifty with a stop loss of 17,475 and target 17,650, 17,700, 17,750, 17,800, 17,825, 17,875.

Sell Nifty in 17,750-17,825 range with a stop loss of 17,900 and target 17,700, 17,650, 17,625, 17,575, 17,500.

For New Positions:

Buy Bank Nifty with a stop loss of 37,900 and target 38,850, 38,925, 39,025, 39,125, 39,225, 39,300, 39,375.

Sell Bank Nifty in 39,225-39,375 range with a stop loss of 39,500 and target 39,125, 39,025, 38,925, 38,850, 38,725.

No Stocks in F&O Ban

Stock of the Day:

Buy Cummins Futures: Stop loss 935 and target 960, 975, 982. Big beneficiaries from Budget CapEx announcements.