Anil Singhvi’s Strategy February 7: Day support zone on Nifty is 17,350-17,450 & Bank Nifty is 38,500-38,575

Amid neutral global markets, future & options (F&O), sentiment, negative foreign institutional investors (FIIs) and positive domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Monday, February 7, 2022. 

Equity benchmarks on Friday, February 4, 2022, logged modest losses. The S&P BSE Sensex and Nifty 50 stocks slipped even as the cues from global equity markets were positive. The Sensex closed below 58,700 points while the Nifty settled near the 17,500 level.

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 The Sensex fell 143.20 points, or 0.24 per cent to end at 58,644.82 and the NSE Nifty ended 43.90 points, or 0.25 per cent, down at 17,516.30. In sectoral indices at the NSE, the Bank Nifty fell 220.65 points, or 0.57 per cent, at 38,789.35.

The broader markets at the BSE underperformed the Sensex with S&P BSE MidCap and S&P SmallCap declining 0.68 per cent and 0.45 per cent, respectively.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 7: 

Day support zone on Nifty is 17,350-17,450, below that 17,250-17,275 is a strong Buy zone.

Day higher zone on Nifty is 17,575-17,625, above that 17,650-17,700 is a profit booking zone.

Day support zone on Bank Nifty is 38,500-38,575, Below that 38,200-38,350 is a strong buy zone

Day higher zone on Bank Nifty is 38,925-39,025, above that 39,275-39,425 is a profit booking zone.

The small day range for trading on Nifty is 17,400-17,575 Small Day Range, while the medium and bigger day ranges are 17,350-17,625 and 17,275-17,700, respectively.

The small day range for trading on Bank Nifty is 38,500-39,000, while the medium and bigger day ranges are 38,350-39,275 and 38,200-39,325, respectively.

FIIs long position increased due to huge short covering 41% Vs 35%

PCR at 0.9 Vs 1.06 light and comfortable

India VIX down by 1.5% at 18.90

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,450.

Bank Nifty Intraday and Closing stop loss are 38,500.

For Existing Short Positions:

Nifty Intraday stop loss is 17,625 and Closing stop loss is 17,800.

Bank Nifty Intraday stop loss is 39,050 and Closing stop loss is 39,350.

For New Positions:

Sell Nifty in 17,625-17,700 range with a stop loss of 17,800 and target 17,575, 17,525, 17,475, 17,400.

Aggressive Traders Sell Nifty On Gap-down Opening with a strict stop loss of 17,625 and target 17,450, 17,400, 17,350, 17,275, 17,250, 17,200.

Buy Nifty in 17,275-17,350 range with a stop loss of 17,200 and target 17,400, 17,450, 17,500, 17,575, 17,625.

For New Positions:

Sell Bank Nifty in 39,275-39,425 range with a stop loss of 39,500 and target 39,025, 38,925, 38,850, 38,800, 38,725, 38,575.

Aggressive Traders Sell Bank Nifty with a strict stop loss of 39,050 and target 38,575, 38,500, 38,350, 38,200, 38,050.

Buy Bank Nifty in 38,200-38,350 range with a stop loss of 38,000 and target 38,425, 38,500, 38,575, 38,725, 38,800, 38,850.

Aggressive Traders Buy Bank Nifty in 38,425-38,575 range with a strict stop loss of 38,350 and target 38,725, 38,800, 38,850, 38,925, 39,000, 39,325.

No Stocks in F&O Ban

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Positives:

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Negatives:

Expensive valuations

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