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Anil Singhvi’s Strategy January 24: Market to be Neutral; Ujjivan is Stock of the Day
After trading in a narrow range for the most part of the day, the domestic Indian markets crashed down to close in a red on January 23, 2019. S&P BSE Sensex ended the day lower by over 336.17 points, or 0.92 per cent, at 36,108.47 and Nifty 50 was down by 91.25 points, or 0.84 per cent, and closed at 10,831.50. Nifty Bank closed at 27,250.75 after declining 231.50 points, or 0.84 per cent.
Continuing its 3-day upwards journey, Sun Pharma was up by 2.73 per cent and was followed by yes Bank which was up by 2.63 per cent. ITC and Grasim were the two losers of the day. ITC lost over 4.75 per cent after declaring its quarterly results while Grasim was down 2.97 per cent.
Amid positive domestic institutional investors (DIIs), neutral global market and futures & Options (F&O), negative foreign institutional investors (FII) and cautious sentiment cues hint that the short-term trend of the Indian market is going to be neutral today, on January 24, 2019.
Zee Business's Managing Editor Anil Singhvi's Market Strategy for January 24:
The small and medium trading range on Nifty stands between 10,800-10,900 and 10,750-10,925 while the extreme range resides at 10,700-10,950.
In the case of the Bank Nifty, the small trading range resides at 27,150-27,400 while the medium and extreme ranges lie between 27,050-27,500 and 26,900-27,600.
Next support range on Nifty and Bank Nifty lies between 10,750-10,800 and 27,050-27,150.
Most crucial levels on the higher side on the two indices, Nifty and Bank Nifty, stands at 10,925 and 27,500 respectively.
Traders are advised to reduce their positions if the two indices close below the mark of 10,775 and 27,400.
— Zee Business (@ZeeBusiness) January 24, 2019
Buying and Selling Strategy on Nifty
Buy Nifty with a stop loss of 10,800 and target 10,875, 10,900, 10,925.
Sell Nifty in 10,900-10,925 range with a stop loss of 10950 and target 10875, 10850.
Buying and Selling Strategy on Bank Nifty
Buy Bank Nifty in 27050-27150 range with a stop loss of 27,000 and target 27,250, 27,350, 27,450.
Sell Bank Nifty in 27,400-27,500 range with a stop loss of 27,650 and target 27300, 27200.
The put-call ratio (PCR) stands at 1.53 and the volatility index (VIX) is 17.98.
Enters F&O Ban: Jain Irrigation
Out of Ban: Adani Power
2 Already in Ban: Jet Airways, Reliance Capital
United Spirits: After gap down opening, the stock may recover due to short covering. Focus on 565 to 605 futures range.
Indigo: Weak Operation performance but stock may find support at lower levels. Focus on the 1085-1125 range.
Stock of the Day:
Buy Ujjivan Futures: Stop loss 280 and target 292, 300, 305. Strong operational performance, but expensive valuations and stock already ran before results. Trade with strict stop loss and don’t buy if it opens with a gap.
Aaj ka Hero:
Sell Pidilite Futures: Stop loss 1145 and target 1100, 1085, 1065. Bad operational performance, weak margins, expensive valuations.
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