Anil Singhvi’s Strategy February 3: Day support zone on Nifty is 17,625-17,675 & Bank Nifty is 38,725-38,850

Amid positive global markets, foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Thursday, February 3, 2022. 

Equity benchmarks, Sensex and Nifty, on Wednesday, February 2, 2022, climbed more than one per cent. Both stocks extended gains for a third straight session this week amid positive cues from the global equity markets. The Sensex closed above the 59,500 mark while the Nifty settled above the 17,750 level.

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The BSE Sensex rose 695.76 points, or 1.18 per cent, to end at 59,558.33 and the NSE Nifty surged 203.15 points, or 1.16 per cent, to finish at 17,780. In the sectoral indices, the Bank Nifty index rose 825 points, or 2.14 per cent, to 39,330.50.

In the broader markets at the BSE, the S&P BSE MidCap and S&P BSE SmallCap rose 1.08 per cent and 1.54 per cent, respectively.

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

Day support zone on Nifty is 17,625-17,675, below that 17,500-17,575 is a strong Buy zone.

Day higher zone on Nifty is 17,825-17,875, above that 17,925-17,975 is a profit booking zone.

Day support zone on Bank Nifty is 38,725-38,850, below that 38,425-38,500 is a strong Buy zone.

Day higher zone on Bank Nifty is 39,500-39,675, above that 39,750-39,950 is a profit booking zone.

The small day range for trading on Nifty is 17,675-17,825, while the medium and bigger day ranges are 17,625-17,875 and 17,575-17,925, respectively.

The small day range for trading on Bank Nifty is 39,025-39,500, while the medium and bigger day ranges are 38,850-39,675 and 38,725-39,750, respectively.

FIIs long position increased to 38% Vs 32%.

PCR at 1.15 Vs 0.97.

India VIX down by 7% at 18.65.

For Existing Long Positions:

Nifty Intraday stop loss is 17,650 and Closing stop loss is 17,550.

Bank Nifty Intraday stop loss is 39,000 and Closing stop loss is 38,500.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,825.

Bank Nifty Intraday and Closing stop loss are 39,500.

For New Positions:

Buy Nifty in 17,625-17,675 range with a stop loss of 17,550 and target 17,750, 17,775, 17,800, 17,825, 17,875.

Aggressive Traders Buy Nifty On Gap-down Opening with a strict stop loss of 17,650 and target 17,800, 17,825, 17,875, 17,925, 17,975, 18,000.

Sell Nifty in 17,875-17,975 range with a stop loss of 18,075 and target 17,825, 17,800, 17,775, 17,675, 17,625, 17,575.

For New Positions:

Buy Bank Nifty in 38,725-38,850 range with a stop loss of 38,500 and target 38,925, 39,025, 39,125, 39,225, 39,325, 39,375.

Aggressive Traders Buy Bank Nifty with a strict stop loss of 38,900 and target 39,450, 39,500, 39,575, 39,675, 39,750, 39,850, 39,950.

Sell Bank Nifty in 39,750-39,950 range with a stop loss of 40,100 and target 39,575, 39,450, 39,325, 39,225, 39,125, 39,025.

No Stocks in F&O Ban