Anil Singhvi’s Strategy February 24: Day support zone on Nifty is 14,625-14,675 & Bank Nifty is 34,900-35,100

Amid neutral global markets, domestic institutional investors (DIIs), negative foreign institutional investors (FIIs), positive futures & options (F&O) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, February 24, 2021. 

Benchmark domestic stocks on Tuesday, February 23, 2021, closed with marginal gains amid positive global cues. The Sensex gained seven points, or 0.01 per cent, to finish almost flat at 49,751. The Nifty also rose 32 points, or 0.22 per cent, to end at 14,708. The Bank Nifty closed 140 points down, or 0.4 per cent, lower at 35,116.95.  

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The broader market at BSE also climbed outperforming the Sensex. The BSE Mid-Cap index surged 0.98 per cent while the BSE Small-Cap index appreciated 0.74 per cent.  

 Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 24: 

Day support zone on Nifty is 14,625-14,675, below that 14,500-14,550 is strong support zone.

Day higher zone on Nifty is 14,800-14,850, above that 14,900-14,925 is profit-booking zone.

Day support zone on Bank Nifty is 34,900-35,100, below that 34,650-34,750 is strong support zone.

Day higher zone on Bank Nifty 35,450-35,575, above that 35,675-35,850 is profit-booking zone.

 The small day range for trading on Nifty are 14,650-14,800, while the medium and bigger day ranges are 14,600-14,850 and 14,550-14,900, respectively.

The small day range for trading on Bank Nifty is 34,900-35,450, while the medium and bigger day ranges are 34,750-35,575 and 34,650-35,825, respectively.

FIIs decreased Index long at 63% vs 64%

PCR at 1.06 vs 0.99, short covering expected at lower levels

India VIX down by 1% at 25.23

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,600.

Bank Nifty intraday and closing stop loss are 34,900.

For Existing Short Positions: 

Nifty intraday and closing stop loss are 14,850.

Bank Nifty intraday and closing stop loss are 35,500.

For New Positions:

Buy Nifty in 14625-14675 range with a stop loss of 14,550 and target 14,700, 14,775, 14,825, 14,850, 14,900.

Sell Nifty in 14,850-14,925 range with a stop loss of 15,000 and target 14,800, 14,725, 14,675, 14,650. 

For New Positions:

Buy BankNifty in 34,650-34,750 range with a stop loss of 34,500 and target 34,900, 35,000, 35,100, 35,250, 35,450, 35,575. 

Aggressive traders can Buy Bank Nifty with strict stop loss of 34,900 with a stop loss of 35,250, 35,450, 35,575, 35,675, 35,825. 

Sell Bank Nifty in 35,575-35,825 range with a stop loss of 35,900 and target 35,500, 35,375, 35,275, 35,125, 35,000.

Total 2 stocks in F&O Ban:

New in Ban: PNB

Already in Ban: BHEL

Out of Ban: Idea, SAIL, Canara Bank.