Anil Singhvi Market Strategy (February 20): Key Nifty 50, Nifty Bank levels to track

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 22,725-22,825 levels and a stronger support zone at 22,500-22,600 levels for the headline Nifty50 index on Thursday, February 20. For the Nifty Bank, he expects support at 49,100-49,275 levels and a stronger support zone at 48,725-48,825 levels.

How market guru Anil Singhvi sums up trade setup this morning:

Global: Neutral
FII: Negative
DII: Positive
F&O: Neutral
Sentiment: Cautious
Trend: Negative
FII long positions unchanged at 16 per cent as before Wednesday’s session
Nifty put-call ratio (PCR) at 0.80 vs 0.84
Nifty Bank PCR at 0.82 vs 0.70
Volatility index India VIX down 1.5 per cent at 15.42

The market wizard sees a higher zone at 23,025-23,125 levels and a strong sell zone at 23,150-23,300 levels for the headline index.

For the banking index, he sees a higher zone at 49,700-49,825 levels and a strong sell zone at 49,900-50,150 levels.

EDITOR’S TAKE | Anil Singhvi highlights 3 positives in Nifty Bank now

After a long time on Dalal Street, nine promoters bought back company shares on Wednesday

This will boost market and business confidence
It triggered sharp recoveries in midcap & smallcap stocks on Wednesday
A significant range for Nifty50 is 22,700-23,150
22800-23000 is an important closing level to watch out for
Nifty Bank staged a strong performance on Wednesday, meeting three conditions:
- Closing near day’s high
- A higher high and a higher low in intraday trade
- A closing above the previous day’s high
Three positives came together
Recoveries in midcap & smallcap shares are not trustworthy yet
Nifty50 is yet to signal strength

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ANIL SINGHVI MARKET STRATEGY

For existing long positions:

Nifty intraday stop loss at 22,700 and closing stop loss at 22,800
Nifty Bank intraday and closing stop loss at 49,000

For existing short positions:

Nifty intraday and closing stop loss at 23,050
Nifty Bank intraday and closing stop loss at 49,700

For new positions in Nifty50:

Aggressive traders can sell Nifty in the 23,025-23,150 range for targets of 22,975, 22,925, 22,825, 22,800, 22,775 and 22,725 with a strict stop loss at 23,250
Aggressive traders can buy Nifty in the 22,725-22,825 range with a strict stop loss at 22,650 for targets of 22,925, 22,950, 22,975, 23,025, 23,050 and 23,125

For new positions in Nifty Bank:

Aggressive traders sell Nifty Bank in the 49,825-49,975 range with a strict stop loss at 50,150 for targets of 49,625, 49,500, 49,375, 49,275, 49,175 and 49,100
Aggressive traders can buy Nifty Bank in the 49,100-49,250 range with a strict stop loss at 49,000 for targets of 49,475, 49,600, 49,700, 49,825, 49,900 and 49,975