Anil Singhvi strategy January 19: 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 21,300-21,400 levels and a strong base at 21,150-21,250 levels on Friday, January 19. For the Nifty Bank, he expects support to come in at 45,225-45,425 and a strong base at 44,950-45,150 levels.

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

• Global: Positive

• FII: Negative

• DII: Positive

• F&O: Neutral

• Sentiment: Cautious

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,550-21,650 levels and a strong sell zone at 21,725-21,850. For the banking index, he expects a higher zone at 46,075-46,175 levels and a profit-booking zone at 46,300-46,475 levels. 

ANIL SINGHVI MARKET STRATEGY 

The market guru expects a recovery in the Dow Jones and better-than-expected results by IndusInd Bank to lend support to Dalal Street, where stocks have not fallen too much given FII outflows to the tune of Rs 20,000 crore in two days. Selling in the market has been concentrated majorly in banking stocks, says Singhvi, highlighting that the positions in both Nifty50 and Nifty Bank appear to be light after the weekly expiry of derivatives. 

He believes the market will give opportunities aplenty to buy at lower levels. However, he suggests traders avoid shorting in a hurry at the current juncture. 

Singhvi recommends buying quality midcap stocks that have corrected 15-20 per cent. 

छोटे Correction में बड़े Trend को ना छोड़ें

इन्वेस्टर्स बिल्कुल ना डरें... बड़ी तेजी के लिए डटकर खड़े रहें

पैसा कम बनेगा, धीमे बनेगा... लेकिन बनेगा#StockMarket #TradingView #investments https://t.co/QGuFk5ZAwl

— CA Anil Singhvi Zee Business (@AnilSinghvi_) January 19, 2024

• FII index longs at 49 per cent vs 54 per cent the previous day

• Nifty put-call ratio (PCR) at 0.94 vs 0.70

• Nifty Bank PCR at 0.67 vs 0.66

• Volatility index India VIX down seven per cent at 14.07   

For existing long positions:

• Nifty Intraday stop loss at 21275 and closing stop loss at 21425

• Nifty Bank intraday and closing stop loss at 45400

For existing short positions:

• Nifty Intraday and closing stop loss at 21600

• Nifty Bank intraday and closing stop loss at 46200

For new positions in Nifty:

• The best range to buy Nifty is 21,300-21,400 with a stop loss at 21,225 for targets of 21,465, 21,535, 21,570, 21,600 and 21,650

• The best range to sell Nifty is 21,600-21,700 with a stop loss at 21,800 for targets of 21,550, 21,475, 21,450, 21,400, 21,350 and 21,300

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank in the 45,425-45,600 range with a strict stop loss at 45,200 for targets of 45,800, 46,000, 46,075, 46,175, 46,300, 46,375 and 46,475

• Aggressive traders can sell Nifty Bank in the 46,375-46,500 range with a strict stop loss at 46,650 for targets of 46,300, 46,200, 46,075, 46,000, 45,800 and 45,725

F&O ban update

• New in ban: Balrampur Chini

• Out of ban: Chambal Fertilisers

• Already in ban: ABFRL, Ashok Leyland, Bandhan Bank, Delta Corp, Hind Copper,  IEX, Metropolis, NALCO, Polycab India, PVR INOX, SAIL, Zee Entertainment Enterprises

Results review

IndusInd Bank

The market wizard suggests buying IndusInd Bank futures with a stop loss at Rs 1,595 for targets of Rs 1,640, Rs 1,650 and Rs 1,664. 

• Results better than expectations
• Loan growth strong at 20 per cent 
• Only slippages higher than estimate

Stock of the day

Singhvi suggests buying Innova Captab shares with a stop loss at Rs 514 for targets of Rs 525, Rs 535 and Rs 550. 

• First results after listing
• Strong results on all parameters

Stock of the day

He suggests buying EMS shares with a strict stop loss at Rs 450 for targets of Rs 470, Rs 475 and Rs 480

• Company declared L1 bidder for Vikas Nagar Dehradun (Uttarakhand) tender
• Estimated cost of the project Rs 478.9 crore 

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