Anil Singhvi’s Strategy February 8: Day support zone on Nifty is 14,800-14,865 & Bank Nifty is 35,350-35,425

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 Monday, February 8, 2021.

Benchmark stocks on Friday, February 5, 2021, logged modest gains to hit fresh record highs. The key domestic indices climbed for the fifth straight session amid positive global market cues. The Sensex closed above 50,700-mark while the Nifty settled above 14,900 level. The Sensex and the Nifty surged around 9.5 per cent last week.

See Zee Business Live TV Streaming Below:

The Sensex gained 117 points, or 0.23 per cent, up at 50,732. The NSE Nifty also rose 29 points, or 0.19 per cent, to trade at 14,924. The Bank Nifty gained 310 points, or 0.88 per cent, to close higher at 35,654.50.

On the other hand, the broader market at BSE declined. The BSE Mid-Cap index fell 0.93 per cent and the BSE Small-Cap index slipped 0.28 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 8:

Day support zone on Nifty is 14,800-14,865.

Day higher zone on Nifty is 14,975-15,025, above that 15,075-15,125 is profit-booking zone.

Day support zone on Bank Nifty is 35,350-35,425, below that 34,750-34,900 is strong Buy zone.

Higher zone on Bank Nifty is 35,900-36,000, above that 36,400-36,600 is profit-booking zone.

The small day range for trading on Nifty is 14,865-15,000, while the medium and bigger day ranges are 14,800-15,075 and 14,725-15,125, respectively.

The small day range for trading on Bank Nifty is 35,350-35,950, the medium and bigger day ranges are 34,900-36,400 and 34,750-36,600, respectively. 

FIIs decreased Index long at 62% Vs 63%.

PCR at 1.41 Vs 1.62.

VIX up by 1% at 23.42.

For Existing Long Positions:

Nifty intraday stop loss is 14,850 and closing stop loss is 14,775.

Bank Nifty intraday and closing stop loss are 35300

For Existing Short Positions:

Nifty intraday and closing stop loss are 15,025.

Bank Nifty intraday and closing stop loss are 36,000.

For New Positions:

Buy Nifty with a stop loss of 14,850 and target 14,975, 15,000, 15,075, 15,125. 

Sell Nifty in 15,075-15,125 range with a stop loss of 15,150 and target 15,025, 15,000, 14,925, 14,900.

For New Positions:

Buy Bank Nifty with a stop loss of 35,300 and target 35,950, 36,400, 36,250, 36,600.

 Sell Bank Nifty in 36,400-36,600 range with a stop loss of 36,650 and target 36,250, 36,000, 35,700, 35,550.

Total 3 stocks in F&O Ban:

New in Ban: BHEL

Already in Ban: SAIL, PNB

Out of Ban: NIL