Anil Singhvi strategy for January 31: Key market triggers, important Nifty50, Nifty Bank levels to track today

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark to come in at 17,500-17,600 levels on Tuesday, and a strong support zone in the 17,350-17,425 area. For the Nifty Bank — whose 12 constituents include SBI, HDFC Bank, Bank of Baroda, Kotak Mahindra Bank, Axis Bank and ICICI Bank, he sees support in the 39,850-39,925 band, and, further below, a strong buy area at 39,300-39,425 levels. 

Here's how Anil Singhvi sums up the market setup on January 31: 

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

For the 50-scrip headline index, Anil Singhvi expects a higher zone at 17,750-17,825 levels, and further above, a strong sell area in the 17,850-17,950 zone. For the banking index, he sees a higher zone at 40,775-40,900 levels, and a strong sell zone in the 41,400-41,650 band. 

• FIIs index longs at 18 per cent on Tuesday vs 25 per cent on Monday
• Put-call ratio (PCR) at 0.77 on Tuesday vs 0.74 the previous day
• Bank Nifty PCR at 0.54 vs 0.48 the previous day
• Fear index India VIX up 2.25 per cent at 17.71

Anil Singhvi market strategy

For existing long positions:

• Nifty50 intraday and closing stop loss at 17,500

• Nifty Bank Intraday and closing stop loss at 40,000

For existing short positions:

• Nifty intraday and closing stop loss at 17,900
• Nifty Bank intraday stop loss at 40,800 and closing stop loss at 41,650

For new positions in Nifty:

• Aggressive traders can buy Nifty50 in the 17,400-17,500 range with a strict stop loss at 17,350 for targets of 17,600, 17,650, 17,700, 17,750, 17,800, 17,825 and 17,850

• Aggressive traders can sell Nifty50 in the 17,775-17,900 range with a strict stop loss at 18,000 for targets of 17,700, 17,650, 17,600, 17,500 and 17,425

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 39,425-39,625 range with a strict stop loss at 39,300 for targets of 39,850, 39,925, 40,150, 40,350, 40,500, 40,625 and 40,775

• Aggressive traders can sell Nifty Bank in the 41,400-41,650 range with a strict stop loss at 41,800 for targets of 41,200, 40,900, 40,775, 40,625, 40,500, 40,375 and 40,150

F&O ban update

Already in ban: Ambuja Cement

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Out of ban: None

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