Anil Singhvi Market Strategy (Jan 23): How to trade Nifty50, Nifty Bank today

Anil Singhvi Market Strategy Today: Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 index emerging at 25,150-25,225 levels and a strong support zone at 24,925-25,000 levels on Friday, January 23.

The market wizard sees support for the Nifty Bank coming in at 58,800-59,000 levels and a strong buy zone at 58,275-58,500 levels.

How market guru Anil Singhvi sums up the trade setup:

Add Zee Business as a Preferred Source

• Global: Positive
• FII: Negative
• DII: Positive
• F&O: Neutral
• Sentiment: Neutral
• Trend: Neutral

• FII long positions at 12.51 per cent vs 11.33 per cent before Thursday's session

• Nifty put-call ratio (PCR) at 0.88 vs 0.78

• Nifty Bank PCR at 0.81 vs 0.74

• Volatility index India VIX down 3 per cent at 13.35

For the headline index, the market wizard expects a higher zone at 25,400-25,500 levels and a strong sell zone at 25,575-25,650 levels.

For the banking index, he expects a higher zone at 59,450-59,575 levels and a strong sell zone at 59,775-60,000 levels.

ANIL SINGHVI MARKET STRATEGY | How to trade Nifty Bank and Nifty50

For existing long positions:

• Nifty intraday and closing stop loss at 25,125

• Nifty Bank intraday and closing stop loss at 58,700

For existing short positions:

• Nifty intraday and closing stop loss at 25,450

• Nifty Bank intraday and closing stop loss at 59,600

For new positions in Nifty50:

• The best range to buy Nifty is 25,150-25,235 with a stop loss at 25,000 for targets of 25,300, 25,400, 25,425, 25,500, 25,575 and 25,600

• Aggressive traders can sell Nifty in the 25,400-25,500 range with a strict stop loss at 25,650 for targets of 25,300, 25,250, 25,175, 25,150, 25,000 and 24,925

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 58,800-59,000 range with a strict stop loss at 58,600 for targets of 59,200, 59,275, 59,400, 59,450, 59,500, 59,575 and 59,775

• Aggressive traders can sell Nifty Bank in the 59,575-59,775 range with a strict stop loss at 60,000 for targets of 59,450, 59,325, 59,275, 59,200, 59,000 and 58,800

Stocks in futures & options (F&O) ban

• Already in ban: Sammaan Capital, SAIL
• New in ban: None
• Out of ban: None

Is Nifty50 oversold?

• RSI slipped below the 30 mark on January 21 before recovering to 35 on Thursday
• Since 2022, Nifty50 RSI has entered the oversold zone (below 30) a total of six times
• On five out of those six occasions, the fall halted once RSI went below 30 and a strong recovery followed; each recovery saw gains to the tune of 6.5-18 per cent
• It was only once -- in October 2024 -- that Nifty's decline deepened when RSI stood at 28
• This time, oversold Nifty50 is giving signs of recovery immediately
• It remains to be seen if the recovery will sustain

Is Nifty Bank at a make-or-break level?

• Nifty Bank has escaped three days of weakness, forming a three-day lower high-lower low pattern
• For the first time in three months, Nifty50 closed below its 50-day moving average (59,275) for two straight days, at 59,200 on Thursday and Wednesday
• Since September 30, Nifty Bank had not closed below its 50-day moving average even once
• Major support lies in the 58,700-58,800 zone
• Since November 14, this range has acted as support eight times on a closing basis
• Every time, a recovery of 0.5-2.8 per cent was seen within 1-5 days
• From Wednesday's closing level of 58,800, Nifty Bank has staged a 775-point intraday recovery
• From Thursday's closing, the recovery stands at 400 points
• For the ninth time as well, Nifty Bank has not given a close below 58,800 and rebounded

How to trade buzzing stocks today | Coforge, Mphasis, Bandhan Bank, DLF...

Buy Mphasis futures for targets of Rs 2,845, Rs 2,865 and Rs 2,885 with a stop loss at Rs 2,760

• Results better than estimates
• Strong operational performance
• Impressive deal wins
• Company maintains FY26 guidance

Buy Coforge futures in support range Rs 1,650-1,670

• Results in line with estimates
• Stock may see some buying and short covering
• Higher level expected at Rs 1,750

Buy Bandhan Bank shares in the spot market for targets of Rs Rs 144, Rs 148 and Rs 152 with a stop loss at Rs 140

• Another quarter of weak results but asset quality improved
• Strong growth
• Unsecured advances

Sell Premier Energies futures for targets of Rs 734 and Rs 722 with a stop loss at Rs 762

• Revenue lower than estimates
• Profit increased due to significant reduction in depreciation

Syngene International

• Another quarter of weak results
• Expect more weakness in the stock
• Futures have support at Rs 570-575
• A higher range is expected at Rs 600-610

IndiGo

• Mixed results; not too bad
• Operational performance better than expected
• Support at Rs 4,850
• A higher level expected at Rs 5,040

DLF

• Extremely weak results on all parameters
• Stock already down in three months
• Zero gross debt for the first time post-IPO
• Support at Rs 600
• A higher level expected at Rs 625