Anil Singhvi’s Strategy January 21: Day support zone on Nifty is 17,600-17,650 & Bank Nifty is 37,500-37,600

Amid negative global markets, foreign institutional investors (FIIs), sentiment, positive domestic institutional investors (DIIs) and neutral future & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Friday, January 21, 2022. 

Equity benchmarks, the Nifty and the Sensex, on Thursday, January 20, 2022, plunged more than one per cent. The key domestic stocks fell amid mixed cues from the global equity markets. The Nifty closed below the 17,800 level and the Sensex finished below the 59,500 mark.

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The BSE Sensex tumbled 634.20 points, or 1.06 per cent to end at 59,464.62. The NSE Nifty declined 181.40 points, or 1.01 per cent, to close at 17,757. In the sectorial index at the NSE, the Bank Nifty index fell 190.50 points, or 0.50 per cent, to 37,850.85.  

In the broader market at BSE, the Mid-Cap and the Small-Cap indices outperformed the Sensex as both fell marginally. The Mid-Cap slipped 0.07 per cent and the Small-Cap index closed 0.05 per cent up.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 21:

Trend to change from Positive to Neutral if Nifty closes below 17,750.

Day support zone on Nifty is 17,600-17,650, below that 17,500-17,550 is a next Support zone.

Day higher zone on Nifty is 17,800-17,825, above that 17,875-17,925 is a strong Sell zone.

Day support zone on Bank Nifty is 37,500-37,600, below that 37,275-37,375 is a next Support zone

Day higher zone on Bank Nifty is 38,000-38,150, above that 38,350-38,475 is a strong Sell zone.

The small day range for trading on Nifty is 17,600-17,800, while the medium and bigger day ranges are 17,550-17,875 and 17,500-17,925, respectively.

The small day range for trading on Bank Nifty is 37,500-38,000, while the medium and bigger day ranges are 37,375-38,150 and 37,050-38,350, respectively.

FIIs long position decreased to a comfortable level at 52% Vs 60%.

PCR at 0.94 Vs 0.78.

India VIX unchanged at 17.79.

For Existing Long Positions:

Nifty Intraday stop loss is 17,650 and Closing stop loss is 17,750.

Bank Nifty Intraday stop loss is 37,600 and Closing stop loss is 37,700.

For Existing Short Positions:

Nifty Intraday stop loss is 17,900 and Closing stop loss is 18,000.

Bank Nifty Intraday stop loss is 38,050 and Closing stop loss is 38,250.

For New Positions:

Sell Nifty with a stop loss of 17,900 and target 17,700, 17,650, 17,600, 17,550, 17,500.

Buy Nifty in 17500-17550 range with a stop loss of 17,425 and target 17,600, 17,650, 17,700, 17,750, 17,800.

For New Positions:

Sell Bank Nifty with a stop loss of 38,050 and target 37,600, 37,500, 37,425, 37,375, 37,275, 37,050.

Aggressive Traders Buy Bank Nifty in 37,275-37,500 range with a strict stop loss of 37,000 and target 37,600, 37,700, 37,750, 37,850, 37,925, 38,000.

F&O Ban Update:

Out Of Ban: SAIL

5 Already In Ban: BHEL, Granules, Escorts, Indiabulls Housing Finance, Vodafone Idea

New In Ban: Nil