Anil Singhvi’s Strategy January 8: Day support zone on Nifty is 14,050-14,125 & Bank Nifty is 31,700-31,800

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets will be positive on Friday, January 8, 2021.

The Sensex and Nifty on Thursday, January 7, 2021, logged modest losses due to a fag end selling even as the global cues were positive. The BSE Sensex closed 80.74 points or 0.17% down at 48,093.32 and the NSE Nifty slipped 8.90 points or 0.06% to settle at 14,137.35. But Bank Nifty continued to rise and gained 158.10 points or 0.5% to settle at 31,956.

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In the broader market at BSE, Mid-cap and Small-cap indices outperformed the Sensex. The BSE Mid-Cap index rose 1.05 per cent while the BSE Small-Cap index appreciated 0.85 per cent.

Zee Business’s Managing Editor Anil Singhvi’s Market Strategy for January 8:

Day support zone on Nifty is 14,050-14,125 and day higher zone is Nifty 14,250-14,325 

Day support zone on Bank Nifty is 31,700-31,800, below that 31,500-31,550 is strong Buy zone.

Day higher zone on Bank Nifty is 32,250-32,350, Above that 32,400-32,600 is profit-booking zone.

Small Day Range for trading on Nifty is 14,125-14,200, while the medium and bigger ranges are 14,050-14,250 and 14,025-14,325, respectively.

Small Day Range for trading on Bank Nifty is 31,800-32,250, while the medium and bigger ranges are 31,700-32,350 and 31,550-32,450, respectively.

FIIs increased Index long at 80% Vs 78%

PCR at 1.43 vs 1.25.

VIX down by 2% at 20.62.

For Existing Long Positions:

Nifty Intraday stop loss is 14,000 and closing stop loss is 14,125.

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

For Existing Short Positions:

Nifty intraday and closing stop loss are 14,275.

Bank Nifty intraday and closing stop loss are 32,200.

For New Positions:

Buy Nifty with a stop loss of 14,050 and target 14,200, 14,250, 14,300, 14,325. 

Aggressive traders Sell Nifty in 14,300-14,350 range with a stop loss of 14,400 and target 14,250, 14,225, 14,200.

For New Positions:

Buy Bank Nifty with a stop loss of 31,700 and target 32,175, 32,250, 32,350, 32,450.  

Aggressive Traders Sell Bank Nifty in 32,350-32,450 range with a stop loss of 32,600 and target 32,250, 32,175, 32,050, 31,975, 31,800.

F&O Ban Update:

New in ban: Nil 

Still in ban: SAIL 

Out of ban: Nil