Anil Singhvi Market Strategy January 6: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 23,875-23,975 levels and a strong buy zone at 23,750-23,825 levels for the headline Nifty50 index on Monday, January 6. For the Nifty Bank, he expects support at 50,725-50,875 levels and a stronger support zone at 50,475-50,600 levels. 

Here's how the market guru sums up the trade setup this morning: 

• Global: Positive

• FII: Negative

• DII: Neutral

• F&O: Neutral

• Sentiment: Neutral

• Trend: Neutral

• FII long positions at 17 per cent vs 20 per cent before the previous session

• Nifty put-call ratio (PCR) at 0.86 vs 1.22

• Nifty Bank PCR at 0.83 vs 1.02

• Volatility index India VIX down 1.5 per cent at 13.54

The market wizard sees a higher zone at 24,075-24,150 levels and a profit-booking zone at 24,200-24,300 levels for the headline index.  

For the banking index, he sees a higher zone at 51,250-51,400 levels and a strong sell zone at 51,575-51,750 levels.

Important levels & other things to watch out for

• Strong support at 23,650-23,825 for Nifty and 50,500-50,700 for Nifty Bank
• Mild resistance at 24,150-24,225 for Nifty and 51,665-51,975 for Nifty Bank 
• Buying to gather steam after Nifty and Nifty Bank close above 24,225 and 52,000 respectively 
• HDFC Bank quarterly update fair
• Mixed signals from other banks and NBFCs
• FMCG quarterly updates muted

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

• Nifty intraday stop loss at 23,925 and closing stop loss at 23,750

• Nifty Bank intraday stop loss at 50,850 and closing stop loss at 50,750 

For existing short positions:

• Nifty intraday and closing stop loss at 24,250
• Nifty Bank intraday stop loss at 51,325 and closing stop loss at 51,700

For new positions in Nifty50:

• The best range to buy Nifty is 23,825-23,925 with a stop loss at 23,725 for targets of 23,975, 24,000, 24,065, 24,150, 24,200 and 24,225

• Aggressive traders can buy Nifty with a strict stop loss at 23,925 for targets of 24,150, 24,200, 24,225, 24,275, 24,300 and 24,335

• Aggressive traders can sell Nifty in the 24,150-24,225 range with a strict stop loss at 24,335 for targets of 24,075, 24,000, 23,975, 23,875, 23,825 and 23,800

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 50,600-50,750 with stop loss at 50,475 for targets of 50,875, 50,950, 51,000, 51,075, 51,125 and 51,175

• Aggressive traders can buy Nifty Bank with a strict stop loss at 50,850 for targets of 51,125, 51,225, 51,300, 51,400, 51,575, 51,675 and 51,750

• The best range to sell Nifty Bank is 51,575-51,725 with a stop loss at 51,800 for targets of 51,575, 51,425, 51,325, 51,250, 51,175 and 50,075

Stocks in F&O ban ​

• Already in ban: RBL Bank, Manappuram Finance
• New in ban: None
• Out of ban: None

Stocks of the Day

HDFC Bank

• Futures have support at Rs 1,715; higher levels are expected at Rs 1,785 and Rs 1,800
• Quarterly update neutral to positive
• Deposit growth very impressive, at around 16 per cent 
• There is a slowdown in loan growth

Sell Kotak Bank futures with a stop loss at Rs 1,870 for targets of Rs 1,825, Rs 1,800 and Rs 1,786

• Milind Nagur has resigned as COO 

Sell Dabur futures with a stop loss at Rs 534 for targets of Rs 517 and Rs 510

• Weak quarterly update
• Operating margin flat
• Low single-digit revenue growth  

Buy AU Small Finance Bank futures with a stop loss at Rs 560 for targets of Rs 580 and Rs 590

• Good quarterly update

Catch all the latest stock market updates here. For all other news related to business, market, tech and auto, visit Zeebiz.com.