Anil Singhvi’s Strategy January 28: Day support zone on Nifty is 16,975-17,025 & Bank Nifty is 37,575-37,750

Amid neutral global markets, future & options (F&O), sentiment, negative foreign institutional investors (FIIs) and positive domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Friday, January 28, 2022. 

Domestic equity markets tumbled around one per cent on Thursday, January 27, 2022, amid negative cues from the global equity markets. The S&P BSE Sensex closed below 57,300 and the Nifty ended near the 17,100 level.

 The BSE Sensex plunged 581.21 points, or one per cent, to settle at 57,276.94 and the NSE Nifty lost 167.80 points, or 0.97 per cent, to finish at 17,110.15. In the sectoral indices at the NSE, the Bank Nifty index gained 275.35 points, or 0.73 per cent, to close at 37,982.10.

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In the broader market at the BSE, the S&P BSE MidCap and S&P BSE SmallCap declined 1.25 per cent and 0.82 per cent, respectively.

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

Day support zone on Nifty is 16,975-17,025, below that 16,825-16,875 is a strong Buy zone

Day higher zone on Nifty is 17,175-17,275, above that 17,300-17,375 is a strong Profit booking zone.

Day support zone on Bank Nifty is 37,575-37,750, below that 37,225-37,375 is a strong Buy zone.

Day higher zone on Bank Nifty is 38,325-38,475, above that 38,600-38,725 is a strong Profit booking zone.

The small day range for trading on Nifty is 17,000-17,175 Small Day Range, while the medium and bigger day ranges are 16,875-17,275 and 16,825-17,375, respectively.

The small day range for trading on Bank Nifty is 37,700-38,325, while the medium and bigger day ranges are 37,575-38,475 and 37,375-38,600, respectively.

FIIs long position at Oversold levels at 33% Vs 44%.

PCR light and comfortable at 1.09 Vs 0.85.

India VIX down by 1% at 21.07.

For Existing Long Positions:

Nifty Intraday and Closing stop loss are 16,975.

Bank Nifty Intraday and Closing stop loss are 37,500.

For Existing Short Positions:

Nifty Intraday stop loss is 17,200 and Closing stop loss is 17,325.

Bank Nifty Intraday and Closing stop loss are 38,200.

For New Positions:

Buy Nifty in 16,875-17,000 range with a stop loss of 16,800 and target 17,100, 17,175, 17,275, 17,300.

Aggressive Traders Buy Nifty with a strict stop loss of 16,975 and target 17,175, 17,275, 17,300, 17,375, 17,400, 17,475.

Sell Nifty in 17,275-17,300 range with a stop loss of 17,400 and target 17,200, 17,150, 17,100, 17,000.

For New Positions:

Buy Bank Nifty in 37,575-37,750 range with a stop loss of 37,500 and target 37,850, 37,975, 38,050, 38,150.

Aggressive Traders Buy Bank Nifty with a strict stop loss of 37,700 and target 38,150, 38,325, 38,400, 38,475, 38,600, 38,725.

Sell Bank Nifty in 38,600-38,725 range with a stop loss of 38,900 and target 38,500, 38,350, 38,200, 38,150, 38,050.

No Stocks in F&O Ban

Stock Of The Day:

Buy RBL Bank Futures: Stop loss 150 and target 162, 168, 175. Strong Results and Improvement in asset quality