Anil Singhvi strategy February 29: 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 21,850-21,900 levels and a strong buy zone at 21,750-21,800 levels on Thursday, February 29.

For the Nifty Bank, he expects support to come in at 45,625-45,850 levels and a stronger support zone at 45,375-45,525 levels.

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

• Global: Neutral

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

The market wizard expects a higher zone for the 50-scrip index at 22,000-22,075 levels and a strong sell zone at 22,125-22,200 levels. 

For the banking index, he sees a higher zone emerging at 46,175-46,325 levels and a strong sell zone at 46,375-46,575 levels. 

ANIL SINGHVI MARKET STRATEGY 

The market wizard expects volatility to persist on Dalal Street ahead of the expiry of monthly derivative contracts, due by the end of the session, with profit-taking at the first bounceback. He believes that while 22,000 will be a make-or-break for the headline index, strong support will come in at 21,800-21,875.

He points out that the banking index is relatively weaker than the Nifty50 at the current juncture.

Singhvi suggests investors maintain light positions in midcap and smallcap stocks. 

29th February 2024 | आज की स्ट्रैटेजी #MarketStrategy #StockMarketNews #MarketStrategy #Nifty #BankNifty #tradingstrategy

Zee Business LIVE: https://t.co/vRyvZU9Pyp pic.twitter.com/nCaqrZVoRJ

— CA Anil Singhvi Zee Business (@AnilSinghvi_) February 29, 2024

• FII index longs at 45 per cent vs 46 per cent the previous day
• Nifty put-call ratio (PCR) at 0.66 vs 1.00
• Nifty Bank PCR at 0.61 vs 0.80
• Volatility index India VIX up four per cent at 16.33

For existing long positions:

• Nifty intraday stop loss at 21,875 and closing stop loss at 21,800

• Nifty Bank intraday and closing stop loss at 45,800

   

For existing short positions:

• Nifty intraday stop loss at 22,075 and closing stop loss at 22,225

• Nifty Bank intraday stop loss at 46,350 and closing stop loss at 46,750

   

For new positions in Nifty:

• The best range to buy Nifty is 21,800-21,875 with a stop loss at 21,725 for targets of 21,925, 21,950, 22,000, 22,050, 22,075 and 22,125

• Aggressive traders can sell Nifty in the 22,000-22,125 range with a strict stop loss at 22,225 for targets of 21,950, 21,925, 21,875, 21,850, 21,800

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 45,525-45,625 with stop loss at 45,375 for targets of 45,775, 44,850, 45,900, 45,975, 46,050 and 46,175

• Aggressive traders can sell Nifty Bank in the 46,325-46,525 range with a strict stop loss at 46,600 for targets of 46,225, 46,175, 46,050, 45,975, 45,850 and 45,775

F&O ban update

• Out of ban: Canara Bank, AB Fashion, Zee Entertainment Enterprises

• Already in ban: Indus Towers, SAIL

• New in ban: None

Stocks of the day

Buy Shriram Finance futures with a stop loss at Rs 2,300 for targets of Rs 2,365, Rs 2,390, Rs 2,450 and Rs 2,475

• Our old time favourite NBFC included in Nifty50, says Singhvi 

Buy Venus Pipes shares with a stop loss at Rs 1,695 for targets of Rs 1,780, Rs 1,800 and Rs 1,820

• Board approves raising funds up to Rs 71 crore
• Warrant issue at Rs 1,700 
• Company enters fitting business

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