Anil Singhvi strategy February 23: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 22,025-22,125 levels and a strong buy zone at 21,900-22,000 levels on Friday, February 23.

For the Nifty Bank, he expects support to come in at 46,425-46,600 levels and a strong buy zone at 46,175-46,325 levels.

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

• Global: Positive

• FII: Neutral

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

The market wizard expects a higher zone for the 50-scrip index at 22,250-22,300 levels and a "blue-sky" zone above 22,300. For the banking index, he sees a higher zone coming in at 47,250-47,400 and a strong sell zone at 47,450-47,650 levels. 

ANIL SINGHVI MARKET STRATEGY 

The market guru points out that traders and investors trimmed their positions after a weak start to Thursday's session, though a stunning recovery later in the day boosted market sentiment. This is a typical characteristic of "big bull run" markets, he adds. 

Singhvi is confident that Dalal Street is unlikely to give up Thursday's lows amid strength across global markets.

• FII index longs at 44 per cent vs 42 per cent the previous day
• Nifty put-call ratio (PCR) at 1.19 vs 0.85
• Nifty Bank PCR at 0.91 vs 1.01
• Volatility index India VIX down 4.5 per cent at 15.20

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जल्दी से #AnilSinghvi पर ट्वीट कर बताएं @ZeeBusiness #StockMarket #TradingTips pic.twitter.com/9iobgOoMQq

— CA Anil Singhvi Zee Business (@AnilSinghvi_) February 23, 2024

For existing long positions:

• Nifty intraday and closing stop loss at 22,000

• Nifty Bank intraday and closing stop loss at 46,400

For existing short positions:

• Nifty intraday and closing stop loss at 22,300

• Nifty Bank intraday and closing stop loss at 47,200

For new positions in Nifty:

• The best range to buy Nifty is 22,025-22,125 with a stop loss at 21,950 for targets of 22,175, 22,200 and 22,250; above 22,300, one can hold long positions with a trailing stop loss

• Sell Nifty only if it breaks below 22,000 with a stop loss at 22,250

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 46,425-46,600 with a strict stop loss at 46,200 for targets of 46,725, 46,900, 47,000, 47,125, 47,250 and 47,350

• Aggressive traders can sell Nifty Bank in the 47,350-47,500 range with a strict stop loss at 47,600 for targets of 47,200, 47,025, 46,925, 46,850, 46,725 and 46,550

F&O ban update

• New in ban: AB Fashion, SAIL

• Out of ban: Canara Bank, India Cements

• Already in ban: Ashok Leyland, Piramal Enterprises, PVR Inox, RBL Bank, GNFC, GMR Airports, Balrampur Chini, Biocon, NALCO, Hindustan Copper, Bandhan Bank, Zee Entertainment Enterprises, Indus Towers

Stocks of the day

Buy RBL Bank shares in the cash market with a stop loss at Rs 262 for targets of Rs 270, Rs 274 and Rs 280

• Stock in F&O ban
• Buy delivery for medium term
• Big investors bought in Thursday's block deal  

Buy Jana Small Finance Bank shares with a stop loss at Rs 450 for targets of Rs 465, Rs 472 and Rs 480

• Strong Q3 results
• Asset quality improved
• Strong loan and deposit growth
• Big investors bought post-listing

Buy Canara Bank futures with a stop loss at Rs 570 for targets of Rs 592, Rs 600 and Rs 608

• Stock out of ban
• Fundamentally best PSU stock
• Attractive valuations

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