Anil Singhvi’s Strategy January 28: Day support zone on Nifty is 13,775-13,850 & Bank Nifty is 29,825-29,950

Amid negative global markets, foreign institutional investors (FIIs), sentiment, neutral domestic institutional investors (DIIs), positive futures & options (F&O), cues, the short-term trend of the Indian stock markets will be neutral on Thursday, January 28, 2021.

Benchmark domestic stocks on Wednesday, January 27, 2021, declined around two per cent amid mixed global cues. The BSE Sensex closed below 48,000-mark while the NSE Nifty settled below 14,000 level.

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The Sensex plunged 937.66 points, or 1.94 per cent, to 47,409.93. The NSE Nifty also tumbled 271.40 points, or 1.91 per cent, to settle at 13,967.50. The Bank Nifty lost 913.85 points, or 2.93 per cent, to close at 30,284.55. The broader market at BSE also fell out-performing the Sensex. The BSE Mid-Cap index ended 1.38 per cent down and the BSE Small-Cap index slipped 0.52 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 28:

Day support zone on Nifty is 13,775-13,850, below that 13,600-13,650 is strong Buy zone.

 Day higher zone on Nifty is 14,100-14,225, above that 14,350-14,375 is profit-booking zone.

 Day support zone on Bank Nifty is 29,825-29,950, below that 29,400-29,650 is strong Buy zone.

Day higher zone on Bank Nifty is 30,300-30,500, above that 30,700-30,875 is profit-booking zone.

The Small Day Range for trading on Nifty is 13,850-14,000, while the medium and bigger day ranges are 13,775-14,100 and 13,700-14,200, respectively.

 The Small Day Range for trading on Bank Nifty is 30,000-30,500, while the medium and bigger day ranges are 29,825-30,725 and 29,600-30,875, respectively.

FIIs decreased Index long at 59% Vs 64%.

PCR oversold at 0.89 Vs 1.02; short covering expected from lower levels.

VIX up by 5% at 24.39, volatility to continue.

For Existing Long Positions:

Nifty intraday and closing stop loss are 13,850.

Bank Nifty intraday and closing stop loss are 30,000.

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,100.

Bank Nifty intraday and closing stop loss are 30,500.

For New Positions:

Aggressive traders Buy Nifty in 13,775-13,850 range with a stop loss of 13,700 and target 13,925, 13,975, 14,050.

Sell Nifty in 14,100-14,225 range with a stop loss of 14,250 and target 14,050, 14,000, 13,975, 13,925.

 For New Positions:

Buy Bank Nifty in 29,400-29,650 range with a stop loss of 29,350 and target 29,825, 29,950, 30,050, 30,150, 30,275.

Sell Bank Nifty in 30,700-30,850 range with a stop loss of 30,950 and target 30,600, 30,500, 30,300, 30,200.

F&O Ban Update: 

Already in Ban: SAIL

New in Ban: Nil

Out of Ban: Nalco, PNB

Stock of the Day:

Sell Canara Bank Futures: Stop loss 132 and target 126, 124, 121. Weak results, asset quality deteriorates.