Anil Singhvi strategy for January 23: Key market triggers, important support levels for Nifty50, Nifty Bank today

Zee Business Managing Editor Anil Singhvi expects support for the Nifty50 benchmark at 17,950-18,025 levels in Monday's session, below which, he sees a strong buy zone in the 17,850-17,900 band. 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 at 42,225-42,375 levels, and a strong buy zone in the 42,025-42,125 area. 

Here's how Anil Singhvi sums up the market setup on January 23: 

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

For the Nifty50, Anil Singhvi expects a higher zone at 18,075-18,150, above which, he sees a strong sell zone in the 18,175-18,250 band. For the banking index, he sees a higher zone at 42,700-42,825, and a strong sell area at 42,950-43,150 levels. 

• FIIs index long at 53 per cent on Monday vs 50 per cent the previous day
• Put-call ratio (PCR) at 0.83 vs 1.17 the previous day
• Nifty Bank PCR at 0.94 vs 0.93 the previous day
• Fear gauge India VIX down one per cent at 13.79

Anil Singhvi market strategy

For existing long positions:

• Nifty intraday and closing stop loss at 17,950
• Nifty Bank intraday stop loss at 42,300 and closing stop loss at 42,000

For existing short positions:

• Nifty intraday and closing stop loss at 18,200
• Bank Nifty intraday and closing stop loss at 42,725

For new positions in Nifty:

• Buy Nifty with a stop loss at 17,950 for targets of 18,075, 18,100, 18,125, 18,150, 18,175 and 18,200

• Sell Nifty in the 18,150-18,250 range with a stop loss at 18,300 for targets of 18,100, 18,050, 18,025, 18,000, 17,950 and 17,900

For new positions in Nifty Bank:

• Buy Nifty Bank with a stop loss at 42,300 for targets of 42,575, 42,675, 42,725, 42,825, 42,950, 43,025 and 43,150

• Aggressive traders can sell Nifty Bank in the 42,825-42,950 range with a strict stop loss at 43,050 for targets of 42,725, 42,675, 42,600, 42,550, 42,500, 42,450 and 42,375

F&O ban

• New in ban: PVR
• Out of ban: GNFC and Manappuram Finance
• Already in ban: Delta Corp and L&T Finance

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