Anil Singhvi strategy for February 3: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi shares his strategy for the February 3 session on Dalal Street. Check out his take on key support and resistance levels for the Nifty and the Nifty Bank, and how he views the market.

Zee Business Managing Editor Anil Singhvi sees support for Nifty50 coming in at 17,500-17,550 levels on February 3.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,500-17,550 levels on Friday, the last session of the Budget week, and a strong buy zone at 17,350-17,450 levels. For the Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, Axis Bank and ICICI Bank, Singhvi sees support in the 40,350-40,525 band and a strong buy area at 40,000-40,150 levels.

Here's how Anil Singhvi sums up the market setup on February 3:

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

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,650-17,725 levels and a profit-booking zone in the 17,775-17,850 band.

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For the banking index, he sees a higher zone at 40,800-41,000 levels, and a profit-booking zone in the 41,400-41,650 area.

FIIs index longs at 17 per cent on Friday vs 19 per cent the previous day
Put-call ratio (PCR) at 0.94 vs 0.70 the previous day
Nifty Bank PCR at 0.70 vs 0.54 the previous day
Fear index India VIX down 6.24% at 15.73

Anil Singhvi market strategy

For existing long positions:

Nifty intraday stop loss at 17,400 and closing stop loss at 17,600
Nifty Bank intraday stop loss at 40,000 and closing stop loss at 40,300

For existing short positions:

Nifty intraday stop loss at 17,750 and closing stop loss at 17,900
Nifty Bank intraday stop loss at 40,850 and closing stop loss at 41,650

For new positions in Nifty:

Buy Nifty in the 17,450-17,525 range with a stop loss at 17,350 for targets of 17,600, 17,650, 17,700 and 17,725
Aggressive traders can buy Nifty with a strict stop loss at 17,450 for targets of 17,650, 17,700, 17,725, 17,775, 17,800 and 17,850
Aggressive traders can sell Nifty in the 17,725-17,850 range with a strict stop loss at 17,975 for targets of 17,700, 17,650, 17,600, 17,525, 17,500 and 17,450

For new positions in Nifty Bank:

Aggressive traders can buy Nifty Bank in the 40,175-40,375 range with a strict stop loss at 40,000 for targets of 40,500, 40,650, 40,750, 40,800 and 41,000
Sell Nifty Bank in the 41,400-41,650 range with a stop loss at 41,800 for targets of 41,200, 40,900, 40,825, 40,650, 40,525 and 40,375

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