Anil Singhvi Market Strategy January 23: 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 22,975-23,075 levels and a strong buy zone at 22,750-22,900 levels for the headline Nifty50 index on Thursday, January 23. For the Nifty Bank, he expects support at 48,300-48,525 levels and a strong buy zone at 48,075-48,225 levels.
The market wizard expects short-covering action along with buying at lower levels amid positive signals such as an S&P 500 lifetime high and decreasing FII outflows.
He believes that HDFC Bank shares along with IT and oil & gas sector stocks will keep the market from falling.
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 18 per cent vs 17 per cent before Wednesday's session
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Nifty put-call ratio (PCR) at 0.88 vs 0.77
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Nifty Bank PCR at 0.57 vs 0.56
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Volatility index India VIX down 1.5 per cent at 16.77
The market wizard sees a higher zone at 23,200-23,265 levels and a strong sell zone at 23,300-23,425 levels for the headline index.
For the banking index, he sees a higher zone at 49,000-49,250 levels and a strong sell zone at 49,350-49,550 levels.
The market guru points out that any fresh weakness could only emerge if the Nifty slides below the 22,900 mark, with the index taking support repeatedly near 23,000.
He suggests buying in case of a big gap-down opening as well as profit-taking at higher levels.
Singhvi also mentions that a key resistance zone exists in the 23,265-23,400 range for the Nifty.
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
- Nifty intraday and closing stop loss at 22,950
- Nifty Bank intraday stop loss at 48,450 and closing stop loss at 48,000
For existing short positions:
- Nifty intraday stop loss at 23,200 and closing stop loss at 23,350
- Nifty Bank intraday stop loss at 49,075 and closing stop loss at 49,350
For new positions in Nifty50:
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The best range to buy Nifty is 22,975-23,100 with a stop loss at 22,900 for targets of 23,150, 23,200, 23,265, 23,300, 23,350 and 23,400
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The best range to sell Nifty is 23,265-23,400 with a stop loss at 23,500 for targets of 23,200, 23,150, 23,100, 23,050, 23,025 and 22,975
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 48,075-48,300 with a stop loss at 47,800 for targets of 48,425, 48,550, 48,575, 48,675, 48,725 and 48,775
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Aggressive traders can buy Nifty Bank with a strict stop loss at 48,450 for targets of 49,000, 49,075, 49,225, 49,350, 49,450 and 49,550
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The best range to sell Nifty Bank is 49,225-49,550 with a stop loss at 49,650 for targets of 49,075, 49,000, 48,775, 48,675, 48,575 and 48,425
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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, 48,425, 48,300 and 48,225
Stocks in F&O ban
- New in ban: IndiaMART, PNB
- Out of ban: Kalyan Jewellers, Angel One
- Already in ban: Dixon Tech, MGL, Can Fin Homes, AB Fashion, Manappuram, L&T Finance, Bandhan Bank, RBL Bank
Results Reviews
Coforge
- Results strong on all parameters
- Buy Coforge futures for targets of Rs 8,370, Rs 8,460 and Rs 8,720 with a stop loss at Rs 8,150
Persistent Systems
Results better than expected
Buy Persistent futures for targets of Rs 5,780 and Rs 5,840 with a stop loss at Rs 5,600
Pidilite
- Results good
- Volume growth strong
- Buy Pidilite futures for targets of Rs 2,810 and Rs 2,850 with a stop loss at Rs 2,650
HUL
- Subdued performance
- Weak commentary
- Results looking good only because of price growth
- HUL futures have support at Rs 2,300 and possible higher levels at Rs 2,385 and Rs 2,400
HDFC Bank
- Form is temporary, class is permanent
- Best asset quality
- 'Buy on dips' portfolio stock
- A strong buy zone for futures is at Rs 1,580-1,625
Stocks of the Day
Buy Colgate futures for targets of Rs 2,800, Rs 2,820 and Rs 2,840 with a stop loss at Rs 2,730
- Strong BofA report
Buy United Spirits futures for targets of Rs 1,477, Rs 1,490 and Rs 1,510 with a stop loss at Rs 1,440
- Strong BofA report
Buy Go Digit Insurance shares for targets of Rs 290, Rs 292 and Rs 295 with a stop loss at Rs 277
- Results impressive
- Operational performance strong
Buy Praj Industries shares for targets of Rs 748, Rs 755 and Rs 764 with a stop loss at Rs 724
- The company has entered a JV with BPCL for compressed biogas plants across the country
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