Anil Singhvi strategy January 1: Important levels to track in Nifty50, Nifty Bank today

Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi sees support for the headline Nifty50 index emerging at 21,650-21,675 levels and a strong buy zone at 21,500-21,600 levels on Monday, January 1, the first day and trading session of the New Year. For the Nifty Bank, he expects support at 47,925-48,075 levels and a strong buy zone in the 47,725-47,850 range.

Here's how Anil Singhvi sums up the market setup:

• Global: Neutral
• FII: Neutral
• DII: Positive
• F&O: Neutral
• Sentiment: Positive
• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,775-21,800 and a blue-sky zone above 21,825. For the banking index, he sees a higher zone emerging at 48,475-48,625 levels and a blue-sky zone above 48,700. 

ANIL SINGHVI MARKET STRATEGY 

• FII index longs unchanged at 70 per cent as the previous day
• Nifty put-call ratio (PCR) at 1.12 vs 1.3
• Nifty Bank PCR at 0.83 vs 1.07
• Volatility index India VIX down four per cent at 14.50

The market wizard expects ample trade opportunities on either side amidst a holiday mood on Dalal Street with a mixed bag of domestic and global signals. Singhvi sees fresh breakouts in the market coming above 21,825 and 48,700 levels for the Nifty50 and the Nifty Bank, respectively.

Any slide below the levels of 21,600 and 48,000 should be considered the first sign of weakness, respectively, he adds.

For existing long positions:

• Nifty intraday and closing stop loss at 21,600
• Nifty Bank intraday and closing stop loss at 48,000

For existing short positions:

• Nifty intraday and closing stop loss at 21,825
• Nifty Bank intraday and closing stop loss at 48,550

For new positions in Nifty:

• The best range to buy Nifty is 21,600-21,675 with a stop loss at 21,500 for targets of 21,725, 21,775 and 21,800; above 21,825, one may keep a trailing stop loss and hold for a higher target
• Aggressive traders can sell Nifty with a strict stop loss at 21,825 for targets of 21,675, 21,650, 21,600, 21,500 and 21,450

For new positions in Nifty Bank:

• The best range to buy bank Nifty is 47,850-48,000 with a stop loss at 47,650 for targets of 48,075, 48,150, 48,200, 48,275, 48,350 and 48,475
• Aggressive traders can sell Nifty Bank with a strict stop loss at 48,550 for targets of 48,175, 48,100, 48,025, 47,925, 47,850 and 47,725

F&O ban update

• New in ban: None
• Already in ban: Hindustan Copper
• Out of ban: None

Outlook for 2024 

• Nifty50 target for 2024 at 24,000

Stocks of the day

Buy IndiGo futures with a stop loss at Rs 2,960 for targets of Rs 3,000, Rs 3,030 and Rs 3,075

• OMCs have reduced ATF prices by Rs 4162 
• Weakness in crude oil; benchmark trading near $77

Buy Dhampur Sugar Mills shares with a stop loss at Rs 249 for targets of Rs 260, Rs 264 and Rs 268

• Board meet on January 3 to consider buyback

Buy Bandhan Bank futures with a stop loss at Rs 240 for targets of Rs 248, Rs 250 and Rs 254

• Bandhan Bank has transferred NPA portfolio to ARC for Rs 293 crore 

Buy Kaveri Seeds shares with a stop loss at Rs 608 for targets of Rs 620, Rs 628 and Rs 635

• Board to meet on January 5 to consider a share buyback plan

Picks of the year 2024 

Jubilant Pharmova

• Targets: Rs 720, Rs 865 and Rs 1,200
• API and generic parts company
• Strong presence in USA RadioPharm business
• Rs 1,300 crore EBIDTA in FY24
• Only Rs 7,000 crore market cap
• Two new product approvals expected in FY25
• Invest for 1-3 years
• SIP at every 10 per cent fall, if it comes

 

Oracle Finance (OFSS)

• Targets: Rs 5,350, Rs 5,850 and Rs 6,500
• Mainly into software products business
• One good quarter will turn around
• Attractive dividend; approximately Rs 250
• Six per cent yield 
• Attractive valuations
• Trading at PE15
• Trading at a significant discount to its parent company
• A likely candidate for buyback or delisting 

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