Anil Singhvi strategy January 24: 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 21,075-21,200 levels and a strong buy zone at 20,900-21,000 levels on Wednesday, January 24. For the Nifty Bank, he expects support to come in at 44,775-44,900 levels and a strong base at 44,475-44,625 levels.

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

• Global: Neutral

• FII: Negative

• DII: Neutral

• F&O: Positive

• Sentiment: Cautious

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,350-21,450 levels and a strong sell zone at 21,500-21,575 levels. For the banking index, he expects a higher zone at 45,425-45,550 levels and a profit-booking zone at 45,650-45,725 levels. 

ANIL SINGHVI MARKET STRATEGY 

The market wizard suggests investing 25 per cent of available funds in the Nifty50's 20,900-21,150 range, with buying when during instances of market panic and selling on jumps. One has to take a contrarion view in this market, he adds.

Warning investors against see-saw moves that may continue till the presentation of the Union Budget in Parliament, he says one has to wait for direction in the Nifty Bank. He sees strong support for the Nifty50 at 20,900-21,150 levels and resistance at 21,450-21,550.

• FII index longs at 47 per cent vs 46 per cent the previous day
• Nifty put-call ratio (PCR) at 0.74 vs 0.86
• Nifty Bank PCR at 0.51 vs 0.69
• Volatility India VIX up eight per cent at 14.85

For existing long positions:

• Nifty intraday and closing stop loss at 21,100

• Nifty Bank intraday and closing stop loss at 44,850

For existing short positions:

• Nifty intraday and closing stop loss at 21,500

• Nifty Bank intraday and closing stop loss at 45,725

For new positions in Nifty:

• Buy Nifty with a stop loss at 21,100 for targets of 21,300, 21,350, 21,400, 21,450, 21,475 and 21,500

• Sell Nifty in the 21,450-21,550 range with a stop loss at 21,625 for targets of 21,400, 21,350, 21,300, 21,250 and 21,200

For new positions in Nifty Bank:

• Aggressive traders can buy Nifty Bank with a strict stop loss at 44,850 for targets of 45,150, 45,275, 45,375, 45,425, 45,550, 45,650 and 45,700

• Aggressive traders sell Nifty Bank in 45,550-45,700 range with a strict stop loss at 45,800 for targets of 45,425, 45,275, 45,150, 45,025 and 44,900

F&O ban update

• Out of ban: Polycab India, Delta Corp, IEX, Zee Entertainment Enterprises, AB Fashion, SAIL

• Already in ban: IRCTC, Balrampur Chini, NALCO, OFSS, RBL Bank

• New in ban: None

Who took to selling on Tuesday?

The market guru points out that at just Rs 2,500 crore, FII outflows on Tuesday were quite low, in a positive signal for Dalal Street, though domestic funds refrained from buying. The bouts of selling led by high net worth individual investors and brokers caused retail investors to panic, he says. 

He warns against further downsides in the market in case of sharp selling by FIIs and DIIs. 

RESULTS REVIEWS

Pidilite Industries

Buy Pidilite futures with a stop loss at Rs 2,480 for targets of Rs 2,575, Rs 2,625 and Rs 2,675

• Strong operational performance
• Impressive rural growth
• Volume growth strong, at 10.4 per cent

Support for L&T Finance futures exists at Rs 146 and a higher level at Rs 176

• Results better than estimates
• Strong growth in retail book

Support for Axis Bank futures at Rs 1,060 and a higher level at Rs 1,120

• Results in line with expectations
• Management cautious about future growth

Support for Havells futures at Rs 1,285 and a higher level at Rs 1,340

• Results weak on all parameters
• Strong jump in ad expenses
• Weak demand

Stocks of the day

Buy United Spirits futures with a stop loss at Rs 1,080 for targets of Rs 1,128 and Rs 1,150

• Results better than expectations
• Premium brands continue to perform well
• Strong demand
• Strong operational performance with improvement in margins

Buy JSW Energy shares with a stop loss at Rs 474 for targets of Rs 498, Rs 502 and Rs 510

• Operational performance strong 
• Thermal and renewable businesses doing good
• Strong balance sheet with huge cash flow

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