Anil Singhvi strategy for February 23: Important market triggers, key levels to track in Nifty50, Nifty Bank on F&O expiry day

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,450-17,525 levels on Thursday, February 23 — the monthly F&O expiry day, and a strong support zone in the 17,350-17,400 area. For the Nifty Bank — whose 12 constituents include HDFC Bank, SBI, Bank of Baroda, Axis Bank and Kotak Mahindra Bank, he sees support emerging in the 39,850-39,900 band, and a strong support zone in the 39,425-39,500 area. 

Here's how Anil Singhvi sums up the market setup on February 23: 

• Global: Neutral

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Negative

• Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,650-17,725 levels and a strong sell zone at 17,775-17,850 levels.​ For the banking index, he sees a higher zone at 40,500-40,675 and a strong sell zone in the 40,875-40,950 range.

• FII index longs unchanged at 23 per cent on Thursday as the previous day 
• Nifty put-call ratio (PCR) at 0.69 on Thursday vs 0.83 the previous day
• Nifty Bank PCR at 0.5 vs 0.61 the previous day; at oversold levels, short covering expected
• Fear index India VIX up 11.28% at 15.59

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty50 intraday stop loss at 17,350 and closing stop loss at 17,500

• Nifty Bank intraday and closing stop loss at 39,400

For existing short positions:

• Nifty intraday stop loss at 17,650 and closing stop loss at 17,850

• Nifty Bank intraday and closing stop loss at 40,700

For new positions in Nifty:

• Buy Nifty in the 17,350-17,450 range with a stop loss at 17,300 for targets of 17,525, 17,550, 17,600, 17,650 and 17,700

• Aggressive traders can buy Nifty with a strict stop loss at 17,475 for targets of 17,600, 17,650, 17,700, 17,725, 17,775 and 17,800

• Sell Nifty in the 17,700-17,775 range with a stop loss at 17,850 for targets of 17,650, 17,600, 17,550, 17,525 and 17,500

For new positions in Nifty Bank:

• Buy Nifty Bank in 39,425-39,500 range with a stop loss at 39,350 for targets of 39,700, 39,900, 40,000, 40,150, 40,350 and 40,500

• Aggressive traders can buy Nifty Bank  with a strict stop loss at 39,800 for targets of 40,150, 40,350, 40,500, 40,575, 40,675, 40,875 and 40,950

• Sell Nifty Bank in the 40,875-40,950 range with a stop loss at 41,150 for targets of 40,700, 40,575, 40,525, 40,350 and 40,150

• Aggressive traders can sell Nifty Bank in the 40,500-40,700 range with a strict stop loss at 40,800 for targets of 40,350, 40,150, 40,000, 39,900, 39,700, 39,500 and 39,425

F&O ban update

• Already In Ban: Vodafone Idea

• New in ban: None

• Out of ban: None

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