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.
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.
— Zee Business (@ZeeBusiness) January 29, 2019
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
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.