Amid negative global markets, foreign institutional investors (FIIs), sentiment, neutral domestic institutional investors (DIIs) and future & options (F&O) cues, the short-term trend of the Indian stock markets will be neutral on Monday, January 24, 2022. 

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Domestic equity markets fell more than 0.70 per cent on Friday, January 21, 2022, amid negative cues from the global equity markets. The Sensex finished near the 59,000 mark while the Nifty ended near the 17,600 level.

 The S&P BSE Sensex plunged 427.44 points, or 0.72 per cent, to close at 59,037.18. The NSE Nifty also lost 139.85 points, or 0.79 per cent, to settle at 17,617.15. The Bank Nifty index declined 276.55 points, or 0.73 per cent, to 37,574.30.

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The broader markets at the BSE underperformed the Sensex with the S&P BSE MidCap and the S&P BSE SmallCap falling 2.01 per cent and 1.96 per cent, respectively.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 24: 

Day support zone on Nifty 17,475-17,550, below that 17,350-17,400 is a next Support zone.

Day higher zone on Nifty is 17,700-17,750, above that 17,800-17,875 is a strong Sell zone.

Day support zone on Bank Nifty is 37,050-37,225, below that 36,750-36,900 is the next Support zone.

Day higher zone on Bank Nifty is 37,750-37,850, above that 38,050-38,175 is a strong Sell zone.

The small day range for trading on Nifty is 17,475-17,700, while the medium and bigger day ranges are 17,400-17,750 and 17,350-17,800, respectively.

The small day range for trading on Bank Nifty is 37,225-37,750, while the medium and bigger day ranges are 37,050-37,850 and 36,900-37,900, respectively.

 

FIIs long position decreased to a comfortable level at 50% Vs 52%

PCR near Oversold levels at 0.87 Vs 0.94

India VIX up by 6% at 17.89

 

For Existing Long Positions:

Nifty Intraday stop loss is 17,400 and Closing stop loss is 17,600.

Bank Nifty Intraday stop loss is 37,200 and Closing stop loss is 37,500.

For Existing Short Positions:

Nifty Intraday and Closing stop loss are 17,750.

Bank Nifty Intraday stop loss is 37,850 and Closing stop loss is 38,050.

For New Positions:

Sell Nifty in 17700-17750 range with a stop loss of 17,825 and target 17,650, 17,625, 17,600, 17,535, 17,500.

Aggressive Traders Sell Nifty with a strict stop loss of 17,750 and target 17,535, 17,500, 17,475, 17,400, 17,350.

Buy Nifty in 17400-17475 range with a stop loss of 17,350 and target 17,535, 17,600, 17,650, 17,700, 17,750.

For New Positions:

Sell BankNifty in 37,850-38,050 range with a stop loss of 38,200 and target 37,750, 37,575, 37,500, 37,425, 37,375, 37,225.

Aggressive Traders Sell Bank Nifty with Strict stop loss of 37,850 and target 37,375, 37,225, 37,050, 36,900, 36,850, 36,750.

Buy BankNifty in 36,750-36,900 range with a stop loss of 36,700 and target 37,050, 37,225, 37,375, 37,425, 37,500.

Aggressive Traders Buy Bank Nifty in 37,050-37,225 range with Strict stop loss of 36,900 and target 37,225, 37,375, 37,500, 37,575, 37,750, 37,850.

F&O Ban Update:

New In Ban: NALCO

Out Of Ban: Granules

4 Already In Ban: BHEL, Escorts, Indiabulls Housing Finance, Vodafone Idea