Anil Singhvi strategy January 16: 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 21,965-22,025 levels and a strong buy zone at 21,825-21,925 levels on Tuesday, January 16. 

For the Nifty Bank, he expects support to come in at 47,850-48,000 levels and a strong buy zone at 47,650-47,775 levels.

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

• Global: Neutral

• FII: Positive

• DII: Negative

• F&O: Neutral

• Sentiment: Positive

• Trend: Positive

Singhvi expects a blue-sky zone for the Nifty50 above the 22,150 mark. The market guru sees a higher zone for the banking index emerging at 48,250-48,350 levels and a profit-booking zone at 48,450-48,625 levels. 

ANIL SINGHVI MARKET STRATEGY 

• FII index longs unchanged at 66 per cent vs 63 per cent 

• Nifty put-call ratio (PCR) higher at 1.52 vs 1.43

• Nifty Bank PCR at 1.25 vs 1.07

• Volatility index India VIX up five per cent at 13.79

The market wizard points out strong buying across the cash and futures segments by foreign institutional investors with some profit-taking by domestic funds on Monday. The Nifty50 has staged a strong breakout above 21,850 while the last bout of resistance for the banking index appears to be placed at 48,450-48,625, according to Singhvi.

Whether the Nifty Bank will scale a fresh lifetime high will be determined by HDFC Bank results during the course of the day, he says.

Singhvi recommends a 'buy on dips' strategy in the market with 21,925-22,025 and 47,725-47,850 being the perfect entry levels for the Nifty50 and the Nifty Bank, respectively. 

For existing long positions:

• Nifty intraday stop loss at 22,000 and closing stop loss at 21,900

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

For existing short positions:

• Nifty intraday and closing stop loss at 22,150

• Nifty Bank intraday and closing stop loss at 48,500

For new positions in Nifty:

• The best range to buy Nifty is 21,925-22,025 with a stop loss at 21,850 for a target of 22,100; above 22,150, one can hold long positions and keep a trailing stop loss

• Sell Nifty only if it closes below 21,875

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 47,725-47,850 with a stop loss at 47,650 for targets of 48,000, 48,075, 48,150, 48,250, 48,350, 48,450, 48,500 and 48,625

• Aggressive traders can sell Nifty Bank in the 48,350-48,500 range with a strict stop loss at 48,650 for targets of 48,250, 48,150, 48,075, 48,000, 47,850 and 47,725

F&O ban update

• New in ban: Biocon

• Out of ban: NALCO

• Already in ban: Metropolis, Chambal Fertilisers, Polycab India, Delta Corp, BHEL, Zee Entertainment Enterprises, PVR, Indus Tower, Hindustan Copper, Bandhan Bank, Piramal Ent, India Cements, Escorts, SAIL

Stocks of the day

16th January | STOCK OF THE DAY #PNCInfra #IndusTower #StocksToBuy #StocksInNews pic.twitter.com/2d2dt22Zxs

— CA Anil Singhvi Zee Business (@AnilSinghvi_) January 16, 2024

Buy PNC Infra shares with a stop loss at Rs 378 for targets of Rs 394, Rs 400 and Rs 405

• Company to sell 12 road assets to Highways Infrastructure Trust for Rs 9,005.7 crore

Buy Indus Tower futures with a stop loss at Rs 212 for targets of Rs 223 and Rs 225

• JPMorgan upgraded to 'overweight' from 'neutral'
• Target raised to Rs 260 from Rs 180

Buy Capri Global with a stop loss at Rs 803 for targets of Rs 830, Rs 845 and Rs 860

• Received license for insurance broking of life, general and health insurance from IRDAI in December 2023
• Company plans to generate Rs 20 crore net fee income from insurance business
• Included in Motilal Oswal Wealth Creation Studies as the fastest and consistently growing company in the last five years
• Long-term targets at Rs 1,000 and Rs 1,200

Buy Vedanta futures with a stop loss at Rs 270 for targets of Rs 280, Rs 288 and Rs 292

• S&P has upgraded Vedanta resources from 'SD' to 'CCC+'

Jyoti CNC Automation listing today | Here's what to expect

The market guru expects Jyoti CNC Automation shares to list in the Rs 350-360 range as against the issue price of Rs 331. 

He suggests long-term investors hold the stock with a stop loss at Rs 325.

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