Anil Singhvi’s Strategy February 3: Day support zone on Nifty is 14,525-14,575 & Bank Nifty is 33,650-33,850

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Wednesday, February 3, 2021.

Benchmark domestic stocks on Tuesday, February 2, 2021, surged around two and a half per cent. The BSE Sensex and the NSE Nifty climbed amid positive Asian market cues. The Sensex closed above 49,500-mark while the Nifty settled above 14,600 level.

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The Sensex gained 1,197 points, or 2.46 per cent, up at 49,798. The NSE Nifty also jumped 367 points, or 2.57 per cent, to trade at 14,648. The Bank Nifty rose 1,179 points, or 3.56 per cent, to close at 34,268. The broader market at BSE also jumped but underperformed the Sensex. The BSE Mid-Cap index gained 2.26 per cent and the BSE Small-Cap index appreciated 1.59 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 3:

Day support zone on Nifty is 14,525-14,575. 

Day higher zone on Nifty is 14,725-14,775, above that 14,800-14,850 is strong profit-booking zone. 

Day support zone on Bank Nifty is 33,650-33,850, Below that 33,100-33,300 is strong Buy zone.

Day higher zone on Bank Nifty is 34,650-34,850, above that 35,000-35,200 is profit-booking zone.

The small day range for trading on Nifty is 14,650-14,725, while the medium and bigger day ranges are 14,575-14,750 and 14,525-14,800, respectively.

 The small day range for trading on Bank Nifty is 34,000-34,650, while the medium and bigger day ranges are 33,800-34,850 and 33,500-35,000, respectively.

FIIs decreased Index long at 71% Vs 75%.

PCR at 1.39 Vs 1.41.

VIX is unchanged at 23.35.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,575.

Bank Nifty intraday and closing stop loss are 34,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,750.

Bank Nifty intraday and closing stop loss are 34,650.

For New Positions:

Buy Nifty with a stop loss of 14,575 and target 14,725, 14,750, 14,800, 14,850.

For New Positions:

Buy Bank Nifty with a stop loss of 34,000 and target 34,500, 34,650, 34,850, 34,950. 

Sell Bank Nifty near 35,000 with a strict stop loss of 35,100 and target 34,850, 34,650, 34,500.

F&O Ban Update:

Already in Ban: SAIL

New in Ban: NIL

Out of Ban: NIL

Stock of the Day:

Buy Sanghi Industries: Stop loss 38 and target 43, 45, 48.

Midcap cement stocks in action

Strong Balance sheet

Huge capacity Expansion

Attractive valuations

HOME FIRST FINANCE LISTING PREVIEW:

Strong listing expected between 650-700 range against issue price 518.

Keep stop loss at 575 as of now and trail it higher post listing.