Anil Singhvi Market Strategy January 24: Important levels to track in Nifty50, Nifty Bank today
Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi shares his strategy for today's session on Dalal Street. Learn more about his views on key support and resistance levels for the Nifty and the Nifty Bank, and what he makes of the market now.
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Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 23,075-23,150 levels and a strong buy zone at 22,975-23,050 levels for the headline Nifty50 index on Friday, January 24. For the Nifty Bank, he expects support at 48,075-48,300 levels and a strong buy zone at 47,800-48,000 levels.
The market wizard points out that the Nifty50 is tending to take support near the 23,000 mark, a level where FIIs don't want to sell heavily either.
There is a possibility of short-covering in the market in the week of the monthly F&O expiry, he says.
A slide below 22,800 only will bring fresh weakness in the market whereas a close above 23,350 will mean the return of strength on Dalal Street.
Here's how the market guru sums up the trade setup this morning:
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Global: Positive
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FII: Negative
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DII: Positive
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F&O: Neutral
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Sentiment: Neutral
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Trend: Negative
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FII long positions at 19 per cent vs 18 per cent before the previous session
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Nifty put-call ratio (PCR) at 0.95 vs 0.88
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Nifty Bank PCR unchanged at 0.57
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Volatility index INDIA VIX down 0.5 per cent at 16.70
The market wizard sees a higher zone at 23,300-23,400 levels and a profit-booking zone at 23,425-23,525 levels for the headline index.
For the banking index, he sees a higher zone at 48,875-49,075 levels and a strong sell zone at 49,225-49,450 levels.
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday and closing stop loss at 22,975
- Nifty Bank intraday stop loss at 48,200 and closing stop loss at 48,000
For existing short positions:
- Nifty intraday stop loss at 23,425 and closing stop loss at 23,350
- Nifty Bank intraday stop loss at 49,000 and closing stop loss at 49,350
For new positions in Nifty50:
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The best range to buy Nifty is 23,050-23,150 with a stop loss at 22,950 for targets of 23,200, 23,265, 23,300, 23,350, 23,400 and 23,425
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Aggressive traders can sell Nifty in the 23,300-23,425 range with a strict stop loss at 23,525 for targets of 23,265, 23,200, 23,150, 23,100, 23,050 and 23,025
For new positions in Nifty Bank:
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Aggressive traders can buy Nifty Bank in the 48,075-48,250 range with a strict stop loss at 47,800 for targets of 48,425, 48,500, 48,575, 48,650, 48,750, 48,875 and 49,000
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Aggressive traders can sell Nifty Bank in the 49,000-49,250 range with a strict stop loss at 49,500 for targets of 48,775, 48,675, 48,575, 48,500, 48,425 and 48,300
Stocks in F&O ban
- Out of ban: RBL Bank
- Already in ban: IndiaMart, PNB, Dixon Tech, MGL, Can Fin Homes, AB Fashion, Manappuram, L&T Finance, Bandhan Bank
- New in ban: None
RESULTS REVIEWS
Dr Reddy’s
- Disaster results
- Core business down due to pricing pressure
- Sell Dr Reddy’s futures for targets of Rs 1,225, Rs 1,200 and Rs 1,180 with a stop loss at Rs 1,305
Sona BLW
- Very weak results
- The stock is trading at expensive valuations
- It has fallen 16 per cent in 3 months
- Tesla has cut EV guidance
- Buying expected at lower levels
- Sell Sona BLW futures for targets of Rs 510, Rs 490 and Rs 475 with a stop loss at Rs 552
Cyient
- Weak operational performance
- DET CEO resigned
- No visibility on future growth front
- This stock could be the accident of the day
- Sell Cyient futures for targets of Rs 1,675, Rs 1,650 and Rs 1,580 with a stop loss at Rs 1,765
HPCL
- Strong performance on all parameters
- Buy on dips from an investment perspective
- HPCL futures have support at Rs 353 with higher levels expected at Rs 370 and Rs 378
Indus Towers
- Results exactly as per expectations
- A gap-up opening may lead to profit-booking at higher levels
- Indus Towers futures have support at Rs 352 and an expected higher level at Rs 383
Mphasis
- Results in line with expectations
- The stock has already risen ahead of results
- Mphasis futures have support at Rs 2,810 and an expected higher level at Rs 2,980
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09:14 AM IST