Anil Singhvi strategy for February 6: Key market triggers, important levels to track in Nifty50, Nifty Bank

Zee Business Managing Editor Anil Singhvi shares his strategy for the February 6 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 17,650-17,725 levels on February 6.

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,650-17,725 levels on Monday, February 6, and a strong buy zone in the 17,500-17,600 band.

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 at 40,825-41,000, and a strong buy zone at 40,525-40,700 levels.

Here's how Anil Singhvi sums up the market setup on February 6:

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

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,975-18,050 levels and a strong sell zone in the 18,100-18,200 area.

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For the banking index, he sees a higher zone at 41,950-42,075 levels and a strong sell area at 42,225-42,450 levels.

FII index longs at 19 per cent on Monday vs 17 per cent on Friday
Put-call ratio (PCR) at 1.17 vs 0.94 on Friday
Nifty Bank PCR at 1.03 vs 0.70 on Friday
Fear index India VIX down 8.48 per cent at 14.4

Anil Singhvi market strategy

For existing long positions:

Nifty intraday stop loss at 17,700 and closing stop loss at 17,600
Nifty Bank intraday stop loss at 41,000 and closing stop loss at 40,300

For existing short positions:

Nifty intraday stop loss at 18,000 and closing stop loss at 17,900
Nifty Bank intraday stop loss at 42,050 and closing stop loss at 41,650

For new positions in Nifty:

Buy Nifty with a stop loss at 17,700 for targets of 17,875, 17,975, 18,000, 18,025, 18,050 and 18,100
Sell Nifty in the 17,975-18,100 range with a stop loss at 18,200 for targets of 17,900, 17,850, 17,800, 17,750 and 17,700

For new positions in Nifty Bank:

Buy Nifty Bank with a stop loss at 41,000 for targets of 41,650, 41,950, 42,025, 42,075, 42,175, 42,300, 42,375 and 42,450
Sell Nifty Bank in the 42,175-42,375 range with a stop loss at 42,500 for targets of 42,025, 41,875, 41,650, 41,550, 41,500, 41,425, 41,275 and 41,150

F&O ban update

Out of ban: Ambuja Cement
Already in ban: Adani Ports
New in ban: None

Stocks of the day

Buy Paytm if the stock doesn’t make a gap-up start; a move of 8-10 per cent expected
Buy on strong results: ITC, SBI, M&M Finance
Sell on weak results: JK Cement

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