Anil Singhvi Market Strategy January 31: 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 23,050-23,175 levels and a strong buy zone at 22,850-23,000 levels for the headline Nifty50 index on Friday, January 31. For the Nifty Bank, he expects support at 48,850-49,050 levels and a strong buy zone at 48,200-48,450 levels. Meanwhile, Parliament's Budget Session is all set to begin on the same day, with a joint sitting of both houses, where the Finance Minister is set to table the Economic Survey for FY25.
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: Positive
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Sentiment: Neutral
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Trend: Negative
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FII long positions at 11 per cent vs 25 per cent the previous day
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Nifty put-call ratio (PCR) at 0.97 vs 1.06
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Nifty Bank PCR at 0.93 vs 0.79
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Volatility index India VIX down 6.5 per cent at 17.39
The market wizard sees a higher zone at 23,300-23,425 levels and a strong sell zone at 23,500-23,625 levels for the headline index.
For the banking index, he sees a higher zone at 49,550-49,750 levels and a strong sell zone at 49,825-50,075 levels.
ANIL SINGHVI MARKET STRATEGY
For existing long positions:
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Nifty intraday stop loss at 23,125 and closing stop loss at 22,950
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Nifty Bank intraday stop loss at 49,000 and closing stop loss at 48,850
For existing short positions:
- Nifty intraday and closing stop loss at 23,350
- Nifty Bank intraday and closing stop loss at 49,550
For new positions in Nifty50:
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The best range to buy Nifty is 23,050-23,175 with a stop loss at 22,950 for targets of 23,250, 23,300, 23,350, 23,400, 23,425 and 23,500
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Aggressive traders can sell Nifty in the 23,350-23,425 range with a strict stop loss at 23,525 for targets of 23,300, 23,250, 23,200, 23,150, 23,100 and 23,050
For new positions in Nifty Bank:
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The best range to buy Nifty Bank is 48,850-49,050 with a stop loss at 48,750 for targets of 49,175, 49,250, 49,300, 49,425, 49,550 and 49,650
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Aggressive traders can buy Nifty Bank with a strict stop loss at 48,950 for targets of 49,425, 49,550, 49,650, 49,750, 49,825 and 49,950
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Aggressive traders can sell Nifty Bank in the 49,650-49,825 range with a strict stop loss at 50,000 for targets of 49,550, 49,425, 49,325, 49,250, 49,175 and 49,050
No stock in F&O ban
RESULTS REVIEWS
L&T
- Strong order inflow
- Excellent execution
- Guidance up for FY25
- The only negative is the company's weak margin
- The stock may recover from lower levels
- Support is expected at Rs 3,335 and higher levels at Rs 3,465 and Rs 3,500
Kalyan Jewellers
- Very weak results despite strong quarterly update
- No reason to buy this stock even after 39 per cent fall in one month
- One may sell for targets of Rs 410 and Rs 400 with a stop loss at Rs 455
Bank of Baroda
- Strong asset quality
- Numbers good due to lower provisioning
- NIM little weak
- Buy near support at Rs 218; higher levels expected at Rs 230 and Rs 236
JSPL
- Operationally weak results
- The company has already used debt
- The move to go for a Rs 16,000 crore capex is negative
- One may sell at higher levels
- Support at Rs 810 and Rs 822
- Higher levels expected at Rs 852 and Rs 865
Tata Consumer Products
- Weak results
- Nothing exciting in the company’s performance
- The India margin is still under pressure
- Support at Rs 950 and Rs 935
- A higher level is expected at Rs 982
Astral
- Mixed results
- However, the performance is better than others
- Reasonable performance in a tough environment
- The stock is down 16 per cent in three months
- Support at Rs 1,440
- A higher level expected at Rs 1,500
Prestige Estates
- Results below expectations
- The margin is better
- The stock is down 23 per cent in one month
- Support at Rs 1,300 and Rs 1,315
- A higher level expected at Rs 1,362
Biocon
- Weak results on all parameters
- EBITDA off by 10 per cent
- Outlook better
- Two important plants cleared in six months
- Investors should wait for the concall due on Friday
- The stock has risen 11 per cent in three months
- Support at Rs 348
- Higher levels expected at Rs 366 and Rs 371
Shree Cement
- Strong operational performance
- Cement stocks looking strong
PB Fintech
- Strong results
- The stock has fallen 19 per cent in one month
- Good buy at lower levels
STOCK OF THE DAY
Buy Navin Fluorine shares for targets of Rs 4,000, Rs 4,100 and Rs 4,205 with a stop loss at Rs 3,865
- Strong momentum in Q3
- Good recovery signs in business
- EPS upgrade expected
- The stock has gained 18 per cent in a month
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