Anil Singhvi’s Strategy January 29: Market to be Negative; Bank of India is Stock of the Day

After being volatile across the day, the Indian markets on Monday, January 28, 2019, ended in a red ahead of the monthly expiry. Nifty 50 ended the day 119 points (1.10%) down at 10,661.55 while Nifty Bank lost 462.25 points (1.70%) to close at 26,653.05 level. Similarly, S&P BSE Sensex went down 368.84 points (1.02%) and closed at 35,656.70. 

Negative global market and sentiments, neutral foreign institutional investors (FII), future and option (F&O) and domestic institutional investors (DIIs) cues suggest that the short-term trend of the Indian market will be negative on Tuesday, January 29, 2019. 

Zee Business's Managing Editor Anil Singhvi's Market Strategy for January 29:
10,700 is going to be the deciding level on Nifty. 

Small and medium trading levels on Nifty lies between 10,625-10,700 and 10,600-10,750 respectively. The extreme range stands at 10,525-10,800. 

In the case of Bank Nifty, the small and medium trading levels are residing at 26,500-26,800 and 26,350-26,900 respectively. The extreme range stands at 26,150-27,000. 

Next important intraday support level on the two indices, Nifty and Bank Nifty lies between 10,500-10,550 and 26,350-26,400. 

Traders are advised to reduce their buying positions if the two indices close below the mark of 10,800 and 27,150. 

Buy and Sell Strategy on Nifty
Sell Nifty with a stop loss of 10,750 and target 10,625, 10,600, 10,550. 
Buy Nifty in 10525-10550 range with a stop loss of 10,500 and target 10,625, 10,650. 

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Buy and Sell Strategy on Bank Nifty
Sell Bank Nifty with a stop loss of 26,900 and target 26,600, 26,500, 26,400. 

Buy Bank Nifty in 26,800-26,900 range with a stop loss of 27,050 and target 27,000, 27,050, 27,150. 

The put-call ratio (PCR) stands at 1.23 and the volatility index (VIX) is 18.8975.

Enters F&O Ban: Adani Power

Out of Ban: Jet Airways,

2 Already in Ban: Adani Enterprises, Jain Irrigation

Sectors:
Positive: IT
Negative: NBFC

Result Analysis:
Ceat: Results and outlook very weak. 1110-1120 strong support, stock oversold may recover after a gap down. Short again near 1180-1200 range. 
Chennai Petro: Futures range 235-260. The stock may recover after a gap down opening due to steep fall in crude prices.  

Stock of the Day:
Sell Bank of India Futures: Stop loss 92 and target 88, 84, 82. Disaster results, poor asset quality, half of the capital infused already written off in one quarter.