Anil Singhvi’s Strategy January 23: Market trend is Positive; Coffee Day Enterprises is Aaj Ka Hero

After facing resistance throughout the day, the markets closed in a red on January 22, 2019. BSE Sensex ended the day lower by 134.32 points, or 0.37%, at 36,444.64 while Nifty 50 was down by 39.10 points, or 0.36%, and closed at 10,922.75. Similarly, Nifty Bank lost 51.35 points, or 0.19%, to end at 27,482.25. 

Sun Pharma gained from the last update and closed the day higher by 4.80% while Wipro was up by3.09%. On the other hand, Vedanta fell by 3.65% and Tata steel witnessed a fall of 3.26%.  Amid positive sentiment and future and options (F&O), neutral domestic institutional investors (DIIs), global market and foreign institutional investors (FII) cues, the short-term trend of the Indian domestic market will remain positive on January 23, 2019. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for January 23:
10,900 and 27,500 are going to be the deciding level on Nifty and Bank Nifty respectively. 

The small and medium trading range on Nifty resides at 10,850-10,950 and 10,825-10,975 respectively, while the extreme range stands at 10,800-11,000. 

In the case of the Bank Nifty, the small trading range stands at 27,375-27,625 while the medium and extreme range lies between 27,300-27,700 and 27,250-27,750 respectively. 

Strong support level on the two indices, Nifty and Bank Nifty, for today lies at the mark of 10,850 and 27,400. 

Most crucial levels on higher side on the two indices resides at the mark of 11,000 and 27,750.

Traders are advised to reduce their positions when the two indices close below the mark of 10,875 and 27,400. 

Buying and Selling Strategy on Nifty 
Buy Nifty near 10,850 with a stop loss of 10,800 and target of 10,925, 10,950, 10,975. 

Sell Nifty in 10,950-10,975 range with a stop loss of 11,050 and target 10,900. 

Buying and Selling Strategy on Bank Nifty 
Buy Bank Nifty in 27,350-27,400 range with a stop loss of 27,250 and target 27,500, 27,600. 

Sell Bank Nifty in 27,600-27,700 range with a stop loss of 27,800 and target of 27,500, 27,400. 

The put-call ratio (PCR) stands at 1.53 and the volatility index (VIX) is 17.98.

Enters F&O Ban: Reliance Capital

2 Already in F&O Ban: Adani Power, Jet Airways. 

Stock of the Day:
Sell ICICI Prudential Life Futures: Stop loss 348 and target 338, 333. Weak Operation performance. 

Aaj ka Hero:
Buy Coffee Day Enterprises: Stop loss 285 and target 298, 304, 310. Company to benefit from 17% stake sale in Mindtree valued at appx Rs.2400 Crore. Post proposed demerger of the company will be debt free.