Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,425-21,500 levels and a strong buy zone at 21,250-21,350 levels on Friday, February 2. For the Nifty Bank, he expects support to come in at 45,075-45,200 levels and a strong base at 44,875-45,000 levels.

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

  • Global: Positive
  • FII: Negative
  • DII: Positive
  • F&O: Positive
  • Sentiment: Positive
  • Trend: Positive

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Singhvi expects a higher zone for the Nifty50 at 45,875-46,000 levels and a strong support zone at 45,550-45,725 levels. For the banking index, he expects a higher zone at 21,750-21,850 levels and a profit-booking zone at 21,900-21,975 levels. 

ANIL SINGHVI MARKET STRATEGY 

  • FII index longs at 31 per cent vs 30 per cent the previous day
  • Nifty put-call ratio (PCR) at 1.02 vs 0.90
  • Nifty Bank PCR unchanged at 0.79
  • Volatility index India VIX down 10 per cent at 14.46

For existing long positions:

  • Nifty intraday stop loss at 21,650 and closing stop loss at 21,500
  • Nifty Bank intraday and closing stop loss at 45,650

For existing short positions:

  • Nifty intraday and closing stop loss at 21,850
  • Nifty Bank intraday and closing stop loss at 46,325

For new positions in Nifty:

  • Aggressive traders can buy with a strict stop loss at 21,650 for targets of 21,750, 21,800, 21,825, 21,850, 21,900 and 21,925
  • Aggressive traders sell Nifty in the 21,825-21,925 range with a strict stop loss at 22,000 for targets of 21,775, 21,750, 21,725, 21,700, 21,650 and 21,625

For new positions in Nifty Bank:

  • Aggressive traders buy Nifty Bank with a strict stop loss at 45,950 for targets of 46,300, 46,375, 46,475, 46,575, 46,750 and 46,850
  • Aggressive traders sell Nifty Bank in the 46,575-46,750 range with a strict stop loss at 46,900 for targets of 46,500, 46,375, 46,300, 46,200, 46,075 and 46,025

What's special in Interim Budget 2024?

  • Focus on narrowing fiscal gap
  • Focus on capex to aid growth
  • Less talk, more work

Post-budget market direction

  • Markets light after three events, to remain rangeboudn for now with a positive bias 
  • Support for Nifty at 21,150-21,350 levels; a higher range at 22,000-22,150 
  • Investors should wait for a decisive direction on Dalal Street
  • Bank Nifty in leadership mode for straight days
  • Strong support for Nifty Bank at 45,500-45,700; a higher range at 46,600-46,850 
  • One can expect fresh lifetime highs in the Nifty50 and Nifty Bank once they take out 21,850 and 47,200 levels on a closing basis

F&O ban update

  • New in ban: India Cements, Indus Towers
  • Already in ban: SAIL, Zee Entertainment Enterprises
  • Out of ban: None

RESULTS REVIEWS

Indian Hotels 

  • Strong results
  • Best-ever Q3 but stock already ran
  • Support at Rs 484; a higher level at Rs 511

City Union Bank

  • Results below estimates
  • Weak growth outlook
  • MSME segment improving
  • Support at Rs 138; a higher level at Rs 150

Stocks of the day

Sell Bata futures with a stop loss at Rs 1,478 for targets of Rs 1,435 and Rs 1,415

  • Results much below estimates
  • Weak demand outlook

Sell Mphasis futures with a stop loss at Rs 2,615 for targets of Rs 2,555 and Rs 2,540

  • Weak results
  • Revenue below expectations

Buy Texmaco Rail & Engineering shares with a stop loss at Rs 210 for targets of Rs 228 and Rs 232

  • Strong results on all parameters
  • Profit up 240 per cent

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