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. 

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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. 

Index Support levels Higher levels
Nifty50 18,050, 18,025, 18,000, 17,950, 17,900, 17,850 18,100, 18,125, 18,150, 18,175, 18,200, 18,250
Nifty Bank 42,450, 42,375, 42,300, 42,225, 42,175, 42,125, 42,075 42,575, 42,675, 42,725, 42,825, 42,950, 43,025, 43,150
  • 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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