Anil Singhvi’s Strategy February 24: Day support zone on Nifty is 16,775-16,850 & Bank Nifty is 36,825-36,925

Amid negative global markets, foreign institutional investors (FIIs), sentiment, positive domestic institutional investors (DIIs) and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Thursday, February 24, 2022.

Erasing all its early gains, the domestic equity benchmarks closed with modest cuts on Wednesday, February 23, 2022. The S&P BSE Sensex fell 68.62 points, or 0.12 per cent, to end at 57,232.06. The Nifty at the National Stock Exchange shed 28.95 points, or 0.17 per cent, to 17,063.25. In the sectoral indices at the NSE, the Bank Nifty added 20.40 points, or 0.05 per cent, to end at 37,392.05.

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The broader indices ended higher on Wednesday. The S&P BSE Mid-Cap index rose 0.6% while the S&P BSE Small-Cap index gained 0.93%.

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

Day support zone on Nifty is 16,775-16,850, below that 16,625-16,700 is a strong Buy zone.

Day higher zone on Nifty is 17,000-17,075, above that 17,150-17,250 is a strong Sell zone.

Day support zone on Bank Nifty is 36,825-36,925, below that 36,375-36,650 is a strong support zone.

Day higher zone on Bank Nifty is 37,325-37,525, above that 37,600-37,775 is a strong Sell zone.

Nifty support levels are 16,850, 16,800, 16,775, 16,700, 16,625, 16,425.

Nifty higher levels are 17,000, 17,075, 17,150, 17,200, 17,225, 17,250.

Bank Nifty support levels are 37,050, 36,925, 36,825, 36,650, 36,500, 36,425, 36,375.

Bank Nifty higher levels are 37,325, 37,400, 37,500, 37,600, 37,775.

FIIs long position at 55% Vs 54%.

PCR at 0.91 Vs 1.01.

India VIX is down by 8% at 24.54.

For Existing Long Positions:

Nifty Intraday stop loss is 16,750 and Closing stop loss is 16,840.

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

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,300.

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

For New Positions:

Sell Nifty with a stop loss of 17,100 and target 16,850, 16,800, 16,775, 16,700, 16,625, 16,425.

Buy Nifty in 16,700-16,800 range with a stop loss of 16,600 and target 16,850, 16,975, 17,050, 17,075, 17,150.

For New Positions:

Sell Bank Nifty with a stop loss of 37,800 and target 37,150, 37,050, 36,925, 36,825, 36,650, 36,500, 36,425, 36,375.

Aggressive Traders Buy Bank Nifty in 36,825-36,925 range with a strict stop loss of 36,750 and target 37,050, 37,150, 37,325, 37,400, 37,500, 37,600, 37,675, 37,775.

Buy Bank Nifty in 36,425-36,650 range with a stop loss of 36,300 and target 36,800, 36,900, 37,000, 37,150, 37,325, 37,375.

F&O Ban Update:

New In Ban: Vodafone Idea

Out Of Ban: Escorts

2 Already In Ban: Indiabulls Housing Finance, PNB