Interim Budget 2024: Anil Singhvi shares February 1 market strategy; 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 21,550-21,650 levels and a strong buy zone at 21,450-21,525 levels on Thursday, February 1, the day Finance Minister Nirmala Sitharaman is scheduled to unveil her Interim Budget for 2024-25.

For the Nifty Bank, the market wizard expects support to come in at 45,550-45,725 levels and a strong support zone at 45,025-45,200 levels.

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

• Global: Negative

• FII: Positive

• DII: Positive

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,750-21,850 levels and a profit-booking zone at 21,900-21,975 levels. For the banking index, he expects a higher zone at 46,300-46,475 levels and a profit-booking zone at 46,575-46,750 levels. 

ANIL SINGHVI MARKET STRATEGY 

The market guru expects the market to trade in a tight range during the course of the day amid strong buying by FIIs and DIIs but weak signals from Wall Street. He suggests investors focus on sectoral and specific stocks.

• FII index longs at 30 per cent vs 24 per cent the previous day
• Nifty put-call ratio (PCR) at 0.90 vs 0.82
• Nifty Bank PCR at 0.79 vs 0.72
• Volatility index India VIX unchanged at 16.05

For existing long positions:

• Nifty intraday stop loss at 21,650 and closing stop loss at 21,425

• 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 46,200

For new positions in Nifty:

• Aggressive traders can buy Nifty in the 21,500-21,625 range with a strict stop loss at 21,400 for targets of 21,675, 21,725, 21,750, 21,800 and 21,850

• Aggressive traders can sell Nifty in the 21,775-21,850 range with a strict stop loss at 22,000 for targets of 21,675, 21,650, 21,625, 21,575, 21,525 and 21,500

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 45,550-45,725 range with a strict stop loss at 45,350 for targets of 45,800, 45,975, 46,175, 46,250, 46,300 and 46,475

• Aggressive traders can sell Nifty Bank in the 46,475-46,575 range with a strict stop loss at 46,750 for targets of 46,375, 46,300, 46,200, 46,000, 45,800 and 45,725

WHAT TO EXPECT FROM INTERIM BUDGET 

Noting that Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman have already implied that there will be no big announcements in the upcoming Interim Budget, the market wizard says that the absence of big announcements will not be read negatively on Dalal Street.

"Remember, no bad news is good news for the stock market," he says. 

आज कैसा आ सकता है बजट?

बाजार के लिए No Bad News Is Good News?

Populist बजट आया तो भी बाजार को क्यों आएगा पसंद?

बजट में GDP, Fiscal Deficit और Capex इन आंकड़ों पर क्यों करें फोकस?

जरुर देखें @AnilSinghvi_ का ये वीडियो...#BudgetOnZee #AnilSinghvi #EditorsTake pic.twitter.com/Oo93GSIW23

— Zee Business (@ZeeBusiness) February 1, 2024

F&O ban update

• New in ban: SAIL

• Already in ban: Zee Entertainment Enterprises

• Out of ban: None

RESULTS REVIEWS

JSPL

• Results better than estimates
• Stock already in an uptrend
• Support levels at Rs 445 and Rs 455; higher levels at Rs 769 and Rs 775

Ajanta Pharma 

• Very strong results

Thomas Cook

• Strong all-round performance
• Best-ever results

STOCKS OF THE DAY

Buy Godrej Consumers futures with a stop loss at Rs 1,155 for targets of Rs 1,180 and Rs 1,200

• Best result in the FMCG sector
• Volume growth strong at five per cent  

Buy Shree Cement futures with a stop loss at Rs 28,100 for targets of Rs 28,575 and Rs 29,000

• Strong results on all parameters

Buy Info Edge futures with a stop loss at Rs 5,030 for targets of Rs 5,150, Rs 5,240 and Rs 5,400

• All new age e-commerce company showing excellent results
• Info Edge holds 13.7 per cent stake in Zomato and 13.3 per cent in PB Fintech
• PB Fintech gave excellent results
• Zomato expected to give strong results

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