Amid neutral global markets, negative foreign institutional investors (FIIs), domestic institutional investors (DIIs), sentiment and positive future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Tuesday, February 8, 2022. 

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Equity benchmarks, the Sensex and the Nifty, on Monday, February 7, 2022, plunged more than one and a half per cent amid negative global cues. The Sensex finished near 57,600 points while the Nifty ended near 17,200 level.

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The Sensex tumbled 1023.63 points, or 1.75 per cent, to settle at 57,621.19 while the Nifty 50 fell 302.70 points, or 1.73 per cent, to close at 17,213.60. In the sectoral indices at the NSE, the Bank Nifty index lost 793.90 points, or 2.05 per cent, to end at 37,995.45.

In the broader markets at the BSE, the S&P BSE MidCap and S&P BSE SmallCap declined 1.25 per cent and 0.75 per cent, respectively.

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

Day support zone on Nifty is 17,000-17,125, below that 16,825-16,875 is a strong Buy zone.

Day higher zone on Nifty is 17,275-17,350, above that 17,450-17,500 is a strong Sell zone.

Day support zone on Bank Nifty is 37,650-37,800, below that 37,375-37,500 is a strong support zone.

Day higher zone on Bank Nifty is 38,200-38,350, above that 38,500-38,725 is a strong Sell zone.

The Small Day Range for trading on Nifty is 17,100-17,275, while the medium and bigger day ranges are 17,000-17,350 and 16,875-17,450, respectively.

The Small Day Range for trading on Bank Nifty is 37,800-38,200, while the medium and bigger day ranges are 37,650-38,350 and 37,500-38,500, respectively.

FIIs long position at 37% Vs 41%.

PCR oversold at 0.70 Vs 0.90, short-covering expected from lower levels.

India VIX is up by 8% at 20.44.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 17,075.

Bank Nifty Intraday stop loss is 37,800 and Closing stop loss is 37,650.

For Existing Short Positions:

Nifty Intraday stop loss is 17,350 and Closing stop loss is 17,575.

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

For New Positions:

Buy Nifty in 16850-16900 range with a stop loss of 16,800 and target 17,000, 17,075, 17,100, 17,150, 17,200.

Aggressive Traders Buy Nifty with a strict stop loss of 17,075 and target 17,275, 17,300, 17,350, 17,400, 17,450.

Sell Nifty in 17350-17450 range with a stop loss of 17,525 and target 17,300, 17,250, 17,200, 17,150, 17,100.

For New Positions:

Buy BankNifty in 37500-37750 range with a stop loss of 37,350 and target 37,850, 37,975, 38,050, 38,200, 38,350.

Aggressive Traders Buy Bank Nifty with a strict stop loss of 37,650 and target 38,200, 38,350, 38,500, 38,575, 38,725, 38,850.

Sell Bank Nifty in 38,500-38,725 range with a stop loss of 38,900 and target 38,350, 38,200, 38,050, 37,850, 37,750, 37,700.

 

No Stocks in F&O Ban