Anil Singhvi strategy January 4: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,400-21,450 levels and a strong buy zone at 21,250-21,350 levels on Thursday, January 4. For the Nifty Bank, he expects support at 47,400-47,500 levels and a strong buy zone in the 47,000-47,200 range.

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

• Global: Negative

• FII: Negative

• DII: Negative

• F&O: Neutral

• Sentiment: Neutral

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,550-21,600 and a profit-booking zone at 21,650-21,750 levels. For the banking index, he sees a higher zone emerging at 47,850-48,000 levels and a strong sell zone at 48,075-48,225 levels. 

ANIL SINGHVI MARKET STRATEGY 

• FII index longs at 66 per cent vs 68 per cent the previous day

• Nifty put-call ratio (PCR) at 0.77 vs 0.92

• Nifty Bank PCR at 0.95 vs 0.56

• Volatility index India VIX down three per cent at 14.10

The market wizard expects Dalal Street to face pressure at higher levels amid FII and DII outflows and a mood of correction on Wall Street. He suggests buying at key support levels and booking profits at higher levels, and expects ample opportunities to buy in the midcap and smallcap segments.  

Singhvi says one should focus on sectoral rotation, and points out that money-making on Dalal Street will be slower now compared to the last two months. 

He expects decent support for the Nifty50 and the Nifty Bank at 21,250-21,350 and 47,200-47,400 levels, respectively. Closing levels above 21,675 and 48,000 should be considered a sign of an end fo the current bout of weakness in the market, he adds.

For existing long positions:

• Nifty intraday and closing stop loss at 21,425

• Nifty Bank intraday stop loss at 47,400 and closing stop loss at 47,650

For existing short positions:

• Nifty intraday and closing stop loss at 21,700

• Nifty Bank intraday and closing stop loss at 48,000

For new positions in Nifty:

• The best range to sell Nifty is 21,600-21,675 with a stop loss at 21,775 for targets of 21,550, 21,525, 21,500, 21,475, 21,450 and 21,400

• The best range to buy Nifty is 21,350-21,450 with a stop loss at 21,250 for targets of 21,500, 21,550, 21,600, 21,650, 21,675 and 21,725

For new positions in Nifty Bank:

• The best range to sell Nifty Bank is 48,000-48,225 with a stop loss at 48,350 for targets of 47,925, 47,850, 47,775, 47,700, 47,650 and 47,500

• Aggressive traders can sell Nifty Bank with a strict stop loss at 48,000 for targets of 47,500, 47,425, 47,325, 47,200, 47,100 and 47,000

• The best range to buy Nifty Bank is 47,400-47,500 with a stop loss at 47,200 for targets of 47,650, 47,700, 47,775, 47,850, 47,925 and 48,000

F&O ban update

• New in ban: NALCO

  Already in ban: Delta Corp, IEX, SAIL, Zee Entertainment Enterprises, Balrampur Chini, Hindustan Copper

• Out of ban: None

Stocks of the day

Sell HCL Tech futures with a stop loss at Rs 1,466 for targets of Rs 1,415, Rs 1,400 and Rs 1,385

• IT stocks in profit-booking zone

Buy Tata Motors futures with a stop loss at Rs 770 for targets of Rs 792 and Rs 800

• Tata Motors in a strong bull trend
• JPMorgan has upgraded Tata Motors to 'overweight' from 'neutral' and raised its target for the stock to Rs 925 from Rs 680  

Picks of the year 2024 

Buy Patanjali Foods for 1-2 years for targets of Rs 1,950, Rs 2,200 and Rs 2,500

• The company is on a strong growth path
• Strategy to bring all business under one umbrella
• With backward integration of palm oil plantation company is the largest player in India
• Focus on the high margin food business
• The masala and biscuit business to see strong growth
• Trading at attractive valuations
• Do SIP at a fall of every Rs 100 

ALSO READ: What Anil Singhvi recommends on Jubilant Pharmova in 2024

Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.