Anil Singhvi strategy February 6: 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 21,650-21,725 levels and a strong buy zone at 21,525-21,600 levels on Tuesday, February 6.

For the Nifty Bank, he expects support to come in at 45,450-45,625 levels and a strong buy zone at 45,075-45,200 levels.

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

• Global: Negative

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,775-21,850 levels and a strong sell zone at 21,900-21,975 levels. 

For the banking index, he expects a higher zone at 45,975-46,175 levels and a strong sell zone at 46,300-46,475 levels. 

ANIL SINGHVI MARKET STRATEGY 

The market wizard expects see-saw moves to persist on Dalal Street amid signs of profit-taking at higher levels. He believes that the Indian and US markets are poised for some consolidation following their respective rallies.  

He suggests traders take positions contrary to the market trend. 

Singhvi suggests booking profits in midcap and smallcap stocks, and points out that investors can focus on the Nifty in case of strength and on the Nifty Bank in case of weakness. He recommends focusing on stock- and sector-specific action on Dalal Street.  

HDFC Bank की ओर से Indusind Bank खरीदने की दूर-दूर तक संभावना नहीं…

ऐसा क्यों?#HDFCBank #stockmarket #ZeeBusiness #IndusindBank pic.twitter.com/4A0jB4BoQb

— CA Anil Singhvi Zee Business (@AnilSinghvi_) February 6, 2024

• FII index longs at 36 per cent vs 33 per cent the previous day
• Nifty put-call ratio (PCR) at 0.89 vs 1.02
• Nifty Bank PCR at 0.67 vs 0.74
• Volatility index India VIX up six per cent at 15.62

For existing long positions:

• Nifty intraday stop loss at 21,650 and closing stop loss at 21,700

• Nifty Bank intraday stop loss at 45,500 and closing stop loss at 45,350

For existing short positions:

• Nifty intraday stop loss at 22,000 and closing stop loss at 21,850

• Nifty Bank intraday stop loss at 46,050 and closing stop loss at 46,200

For new positions in Nifty:

• Buy Nifty in 21,625-21,725 range with a stop loss at 21,500 for targets of 21,775, 21,800, 21,850, 21,900, 21,925 and 21,950

• Sell Nifty in the 21,850-21,950 range with a stop loss at 22,025 for targets of 21,800, 21,775, 21,725, 21,700, 21,650 and 21,625

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 45,375-45,550 range with a strict stop loss at 45,200 for targets of 45,650, 45,825, 45,900, 45,975, 46,050 and 46,175

• Aggressive traders can sell Nifty Bank in the 46,050-46,300 range with a strict stop loss at 46,500 for targets of 45,900, 45,725, 45,675, 45,625, 45,550 and 45,450

F&O ban update

• New in ban: UPL, NALCO

• Out of ban: SAIL

• Already in ban: Hindustan Copper, India Cements, Indus Towers, Zee Entertainment Enterprises

RESULTS REVIEWS

Bharti Airtel

• Strong growth in Indian business
• Improvement in ARPU positive
• Bharti Airtel futures have support at Rs 1,110 and a higher level at Rs 1,155

Ashok Leyland

• Strongest Q3 performance ever
• Results above estimates on all parameters
• Stock has already run before results
• Ashok Leyland futures have support at Rs 174 and a higher level at Rs 185

Stocks of the day

Sell Tata Chemicals futures with a stop loss at Rs 994 for targets of Rs 935 and Rs 930

• Extremely weak results on all parameters

Buy IdeaForge Tech with a stop loss at Rs 690 for targets of Rs 720, Rs 730 and Rs 745

• Very strong results
• Company came into profit from loss

Buy Ge T&D India shares with a stop loss at Rs 690 for targets of Rs 725, Rs 735 and Rs 750

• Strong performance on all parameters
• EBITDA and margin double
• Profit up 10 times

BLS E-Services shares are set to debut today. Here's what to expect: 

The market guru, who had advised applying for the IPO for a big listing gain, expects the stock to list in the Rs 275-300 range, a huge premium over the issue price of Rs 135. 

He suggests short-term investors hold the stock with a stop loss at Rs 250 and trail.

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