Anil Singhvi’s Strategy February 23: Day support zone on Nifty is 17,000-17,075 & Bank Nifty is 36,925-37,150

Amid negative global markets, foreign institutional investors (FIIs), positive domestic institutional investors (DIIs), neutral future & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, February 23, 2022.

The domestic equity markets on Tuesday, February 22, 2022, declined more than half a per cent amid negative global cues. Recovering from early losses, the BSE Sensex closed near 57,300 points while the NSE Nifty ended below the 17,100 level. The Sensex tumbled 382.91 points, or 0.66 per cent, to finish at 57,300.68 while the Nifty plunged 114.45 points, or 0.67 per cent, to settle at 17,092.20. In the sectoral indices, the Bank Nifty index lost 313.95 points, or 0.83 per cent, to end at 37,371.65.

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In the broader market at the BSE, the Mid-Cap and the Small-Cap underperformed the Sensex. The Mid-Cap declined 0.7 per cent and the Small-Cap index plunged 1.62 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 23:

Day support zone on Nifty is 17,000-17,075, Below that 16,800-16,875 is a next support zone.

Day higher zone on Nifty is 17,150-17,225, above that 17,275-17,375 is a Profit booking zone.

Day support zone on Bank Nifty is 36,925-37,150, below that 36,650-36,825 is a strong support zone.

Day higher zone on Bank Nifty is 37,650-37,825, above that 38,050-38,200 is a strong Profit booking zone.

Nifty support levels are 17,075, 17,000, 16,850, 16,800.

Nifty higher levels are 17,150, 17,200, 17,250, 17,275, 17,325, 17,350, 17,375.

Bank Nifty support levels are 37,150, 37,050, 36,925, 36,825, 36,650.

Bank Nifty higher levels are 37,500, 37,650, 37,750, 37,825, 37,950, 38,050, 38,200.

FIIs long position at 54% Vs 59%.

PCR at 1.01 Vs 1.06.

India VIX up by 16% at 26.66.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 16,800.

Bank Nifty Intraday and Closing stop loss are 36,800.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,400.

Bank Nifty Intraday and Closing stop loss are 38,050.

For New Positions:

Buy Nifty in 16,800-16,875 range with a stop loss of 16,750 and target 17,000, 17,050, 17,100, 17,150, 17,200, 17,250.

Sell Nifty in 17,275-17,375 range with a stop loss of 17,500 and target 17,225, 17,200, 17,150, 17,100, 17,075, 17,000.

For New Positions:

Aggressive Traders Buy Bank Nifty in 36,825-36,925 range with a strict stop loss of 36,650 and target 37,150, 37,325, 37,400, 37,500, 37,600, 37,675, 37,800, 37,925.

Sell Bank Nifty in 37,800-38,000 range with a stop loss of 38,250 and target 37,650, 37,500, 37,375, 37,150, 37,050, 36,925, 36,825.

F&O Ban Update:

New In Ban: Indiabulls Housing Finance

2 Already In Ban: PNB, Escorts

Out Of Ban: Nil