Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 23,500-23,600 levels and a strong buy zone at 23,350-23,450 levels for the headline Nifty50 index on Thursday, January 9. For the Nifty Bank, he expects support at 49,175-49,375 levels and a stronger support zone at 48,900-49,075 levels. 

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The market wizard believes that strong support is placed at 23,350-23,500 and 49,175-49,375 levels for the Nifty50 and Nifty Bank gauges, with higher ranges expected at 23,800-23,870 and 50,250-50,450 levels respectively. Closing levels below 23,500 and 49,700 will lead to further weakness while those above the 23,825 and 50,600 marks will lead to the return of strength in both indices respectively, he adds.

Singhvi points out that buying in TCS and other IT stocks is important for the market to strengthen. 

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

  • Global: Positive
  • FII: Negative
  • DII: Positive
  • F&O: Neutral
  • Sentiment: Neutral
  • Trend: Neutral
  • FII long positions at 19 per cent vs 20 per cent the previous day
  • Nifty put-call ratio (PCR) at 0.83 vs 0.82
  • Nifty Bank PCR at 0.69 vs 0.73
  • Volatility index India VIX down 1.5 per cent at 14.47

The market wizard sees a higher zone at 23,750-23,850 levels and a strong sell zone at 23,870-24,000 levels for the headline index.  

For the banking index, he sees a higher zone at 50,250-50,450 levels and a strong sell zone at 50,600-50,750 levels.

ANIL SINGHVI MARKET STRATEGY

For existing long positions:

  • Nifty intraday stop loss at 23,450 and closing stop loss at 23,550
  • Nifty Bank intraday and closing stop loss at 49,700

For existing short positions:

  • Nifty intraday and closing stop loss at 23,825
  • Nifty Bank intraday and closing stop loss at 50,300

For new positions in Nifty50:

  • The best range to buy Nifty is 23,500-23,600 with a stop loss at 23,450 for targets of 23,650, 23,675, 23,700, 23,750, 23,800 and 23,850
  • Aggressive traders can sell Nifty in the 23,750-23,850 range with a strict stop loss at 24,000 for targets of 23,700, 23,650, 23,600, 23,550, 23,500 and 23,475

For new positions in Nifty Bank:

  • Aggressive traders can buy Nifty Bank in the 49,175-49,375 range with a strict stop loss at 48,900 for targets of 49,650, 49,725, 49,850, 49,925, 50,000 and 50,200
  • Aggressive traders can sell Nifty Bank in the 50,250-50,450 range with a strict stop loss at 50,600 for targets of 50,000, 49,925, 49,850, 49,750, 49,650 and 49,400

Stocks in F&O ban ​

  • New in ban: L&T Finance
  • Already in ban: Bandhan Bank, Hindustan Copper, RBL Bank, Manappuram Finance
  • Out of ban: None

Stocks of the Day: Tata Motors, Hindalco, Swiggy...

Buy Swiggy shares for targets of Rs 499, Rs 505 and Rs 512 with a stop loss at Rs 485 

  • The stock is attracting buying at lower levels
  • Bernstein has initiated coverage with a 'buy' rating and a Rs 635 target

Buy Navin Fluorine futures for targets of Rs 3,530 and Rs 3,575 with a stop loss at Rs 3,460 

  • The stock is looking very strong at the current juncture 

Buy Tata Motors futures for targets of Rs 810 and Rs 818 with a stop loss at Rs 784 

  • A three per cent increase in JLR wholesale volumes reflect a recovery from prior supply disruptions 

Sell Hindalco futures for targets of Rs 580, Rs 574 and Rs 568 with a stop loss at Rs 600; sell NALCO futures for targets of Rs 200 and Rs 197 with a stop loss at Rs 208  

  • Novalis has reported weak preliminary numbers for Q3 
  • Metals are weak in global markets
  • ​Aluminium stocks are looking weak

Buy Manappuram shares for targets of Rs 186, Rs 189 and Rs 192 with a stop loss at Rs 177 

  • The RBI has removed supervisory restrictions imposed on Asirvad Micro Finance with immediate effect

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