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

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.​

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

Catch LIVE stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.