Anil Singhvi strategy for February 24: Key market triggers, levels to track in Nifty50, Nifty Bank on first day of March F&O series

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,350-17,450 levels on Friday, February 24 — as Dalal Street enters a new monthly derivatives series, and a strong buy zone in the 17,250-17,300 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 39,900-40,000 band, and a strong buy zone in the 39,425-39,600 area. 

Here's how Anil Singhvi sums up the market setup on February 24: 

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Neutral

For the 50-scrip headline index, he expects a higher zone at 17,550-17,625  levels and a strong sell zone at 17,700-17,775 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 at 19 per cent on Friday vs 23 per cent the previous day 
• Nifty50 put-call ratio (PCR) at 0.93 vs 0.69
• Nifty Bank PCR at 0.71 vs 0.5
• Fear index India VIX down 3.29 per cent at 15.08

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 stop loss at 39,400 and closing stop loss at 40,000

For existing short positions:

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

• Nifty Bank intraday stop loss at 40,150 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 17,500, 17,550, 17,600, 17,650 and 17,700

• Aggressive traders can buy Nifty with a strict stop loss at 17,450 for targets of 17,550, 17,600, 17,650, 17,700 and 17,775

• Sell Nifty in the 17,650-17,750 range with a stop loss at 17,850 for targets of 17,600, 17,550, 17,525, 17,500 and 17,450

For new positions in Nifty Bank:

• Buy Nifty Bank in the 39,425-39,600 range with a stop loss at 39,350 for targets of 39,900, 40,000, 40,125 and 40,350

• Aggressive traders can buy Nifty Bank with a strict stop loss at 39,800 for targets of 40,125, 40,350, 40,500, 40,575, 40,675 and 40,875

• Sell Nifty Bank in the 40,500-40,700 range with a stop loss at 40,800 for targets of 40,350, 40,150, 40,000, 39,900, 39,600, 39,500, 39,425

F&O ban update

• Already in ban: None

• New in ban: None

• Out of ban: None

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