Anil Singhvi’s Strategy January 12: Day support zone on Nifty is 14,350-14,375 & Bank Nifty is 31,725-31,800

Amid neutral global markets, positive foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Tuesday, January 12, 2021.

Benchmark domestic stocks on Monday, January 11, 2021, gained around one per cent to hit fresh lifetime highs amid mixed global cues. The Sensex achieved 49,000 level for the first time while the Nifty closed near 14,500-mark.

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The BSE Sensex climbed 486.81 points, or one per cent, to 49,269.32 and the NSE Nifty rose 137.50 points, or 0.96 per cent, to trade at 14,484.75. However, Bank Nifty dropped 85.30 points, or 0.27 per cent, to settle at 31,998.90.

In the broader market at BSE, Mid-cap and Small-cap indices underperformed the Sensex. The BSE Mid-Cap index slipped marginally by 0.08 per cent while the BSE Small-Cap index fell 0.17 per cent.  

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 12:

Day support zone on Nifty is 14,350-14,375 and the day higher zone is 14,575-14,625.

Day support zone on Bank Nifty is 31,725-31,800, below that 31,500-31,550 is strong Buy zone.

Day higher zone on Bank Nifty is 32300-32350, above that 32,450-32,600 is the profit-booking zone.

The Small Day Range for trading on Nifty is 14,400-14,500, while the medium and bigger ranges are 14,375-14,575 and 14,350-14,625, respectively.

The Small Day Range for trading on Bank Nifty is 31,800-32,275, while the medium and bigger ranges are 31,725-32,350 and 31,550-32,450, respectively.

FIIs decreased Index long at 79% Vs 81%.

PCR overbought at 1.8 vs 1.71, alert at higher levels.

VIX up by 8% at 22.38.

For Existing Long Positions:

Nifty intraday and closing stop loss are 14,350.

Bank Nifty intraday and closing stop loss are 31,700.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,525.

Bank Nifty intraday and closing stop loss are 32,300.

For New Positions:

Buy Nifty with a stop loss of 14,350 and target 14,550, 14,575, 14,600, 14,625. 

Aggressive traders Sell Nifty in 14,575-14,625 range with a stop loss of 14,675 and target 14,525, 14,500, 14,475. 

For New Positions:

Buy Bank Nifty in 31,725-31,850 range with a stop loss of 31,650 and target 31,950, 32,000, 32,075, 32,175, 32,275, 32,350.  

Sell Bank Nifty in 32275-32350 range with a stop loss of 32,500 and 32,175, 32,075, 32,000, 31,950, 31,850.   

F&O Ban Update:

New in ban: Nil 

Still in ban: SAIL 

Out of ban: Nil