Amid positive global markets, domestic institutional investors (DIIs), future & options (F&O), negative foreign institutional investors (FIIs) and cautious sentiment cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, February 9, 2022. 

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The domestic equity benchmarks logged gains on Tuesday, February 8, 2021, snapping the losing streak of the last three sessions. The Sensex finished above 57,800 points while the Nifty ended above 17,250 level. The S&P BSE Sensex climbed 187.39 points, or 0.33 per cent, to settle at 57,808.58 while the Nifty rose 53.15 points, or 0.31 per cent, to close at 17,266.75. In sectoral indices, the Bank Nifty index added 33 points, or 0.09 per cent, to settle at 38,028.45.

The broader market underperformed at BSE with the S&P BSE MidCap and S&P BSE SmallCap fell 0.45 per cent and 1.40 per cent, respectively.

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Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for February 9: 

Day support zone on Nifty is 17,125-17,200, below that 17,050-17,100 is a strong Buy zone.

Day higher zone on Nifty is 17,300-17,350, above that 17,400-17,475 is a Profit booking zone.

Day support zone on Bank Nifty is 37,700-37,850, below that 37,350-37,500 is a strong support zone.

Day higher zone on Bank Nifty is 38,350-38,500, above that 38,575-38,850 is a Profit booking zone.

The small day range for trading on Nifty is 17,200-17,350, while the medium and bigger day ranges are 17,125-17,400 and 17,050-17,475, respectively.

The small day range for trading on Bank Nifty is 37,800-38,350, while the medium and bigger day ranges are 37,650-38,500 and 37,500-38,725, respectively.

FIIs long position at 39% Vs 37%.

PCR near oversold at 0.77 Vs 0.70, short-covering expected.

India VIX down by 4% at 19.69.

For Existing Long Positions:

Nifty Intraday stop loss is 17,200 and Closing stop loss is 17,100.

Bank Nifty Intraday and Closing stop loss are 37,700.

For Existing Short Positions:

Nifty Intraday stop loss is 17,350 and Closing stop loss is 17,500.

Bank Nifty Intraday stop loss is 38,225 and Closing stop loss is 38,500.

For New Positions:

Buy Nifty with a stop loss of 17,100 and target 17,300, 17,350, 17,400, 17,450, 17,475.

Sell Nifty in 17,375-17,475 range with a stop loss of 17,575 and target 17,335, 17,300, 17,275, 17,225, 17,150.

For New Positions:

Aggressive Traders Buy Bank Nifty with a strict stop loss of 37,700 and target 38,200, 38,350, 38,500, 38,575, 38,725, 38,850.

Buy Bank Nifty in 37,500-37,750 range with a stop loss of 37,300 and target 37,850, 37,975, 38,050, 38,200, 38,350.

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.

F&O Ban Update:

New In Ban: BHEL

Out Of Ban: Nil

Already In Ban: Nil