Anil Singhvi strategy January 3: 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 21,550-21,600 levels and a strong buy zone at 21,425-21,500 levels on Wednesday, January 3. For the Nifty Bank, he expects support at 47,500-47,650 levels and a strong buy zone in the 47,200-47,425 range.

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

• Global: Neutral

• FII: Positive

• DII: Negative

• F&O: Positive

• Sentiment: Neutral

• Trend: Positive

Singhvi expects a higher zone for the Nifty50 at 21,700-21,750 and a profit-booking zone at 21,775-21,825 levels. For the banking index, he sees a higher zone emerging at 47,925-48,075 levels and a strong sell zone at 48,150-48,300 levels. 

ANIL SINGHVI MARKET STRATEGY 

• FII index longs at 68 per cent vs 69 per cent the previous day

• Nifty put-call ratio (PCR) at 0.92 vs 1.14

• Nifty Bank PCR oversold at 0.56 vs 0.87; short covering expected from lower levels

• Volatility index India VIX down one per cent at 14.58

The market wizard highlights mixed domestic and global signals, and points out that FIIs did not contribute to selling on Tuesday. He suggests against refraining from buying at important support levels and advocates profit-taking at higher levels. 

Singhvi highlights that the Nifty Bank put-call ratio appears to be oversold ahead of the weekly expiry.  

One needs to be a bit selective in the market now and focus on sectoral rotation. 

It is time to make money slowly in the market now compared to November and December, he adds. 

For existing long positions:

• Nifty intraday stop loss at 21,550 and closing stop loss at 21,650

• Nifty Bank intraday stop loss at 47,650 and closing stop loss at 47,700

For existing short positions:

• Nifty intraday and closing stop loss at 21,800

• Nifty Bank intraday stop loss at 48,000 and closing stop loss at 48,300

For new positions in Nifty:

• The best range to buy Nifty is 21,500-216,00 with a stop loss at 21,400 for targets of 21,650, 21,675, 21,725, 21,750, 21,775 and 21,800

• Sell Nifty in the 21,725-21,800 range with a stop loss at 21,850 for targets of 21,675, 21,650, 21,600, 21,550, 21,500 and 21,450

For new positions in Nifty Bank:

• The best range to buy Nifty Bank is 47,425-47,650 with a stop loss at 47,200 for targets of 47,750, 47,850, 47,925, 48,000, 48,075, 48,150, 48,225 and 48,300

• Aggressive traders can sell Nifty Bank in the 48,000-48,225 range with a strict stop loss at 48,350 for targets of 47,925, 47,850, 47,775, 47,700, 47,650, 47,500 and 47,425

F&O ban update

• New in ban: Delta Corp, IEX, SAIL, Zee Entertainment Enterprises

• Already in ban: Balrampur Chini, Hindustan Copper

• Out of ban: None

Stocks of the day

Buy Strides Pharma shares with a stop loss at Rs 670 for targets of Rs 685, Rs 690 and Rs 698

• Pharma stocks looking very strong
• One of the biggest underperformer in the pharma sector
• Amansa regularly increasing stake

Sell PNB futures with a stop loss at Rs 99.5 for targets of Rs 96.5, Rs 95 and Rs 94

• Quarterly update below expectations

Verdict in Adani-Hindenburg case likely today

• It is a make or break day for Adani group stocks
• Clarity to emerge once the Supreme Court announces verdict 
• A favourable outcome for the group will lead to sharp buying in the stocks
• Otherwise, the stocks will stabilise after a fall

 अदानी शेयरों में क्या करें,
आज Make or Break दिन… #StockMarketindia #AdaniGroup #Hindenburg #StocksInNews #AdaniPorts pic.twitter.com/lUOBuacNlV

— CA Anil Singhvi Zee Business (@AnilSinghvi_) January 3, 2024

Picks of the year 2024 

Buy Canara Bank for 1-2 years for targets of Rs 525, Rs 640 and Rs 750

• Cheapest PSU bank stock
• Trading at 1x PB and 5.5x PE
• Huge value in subsidiary companies
• Rs 10,000-15,000 crore value of assets in Canara Roboco Mutual Funds, Canfin Homes and credit card business
• Second biggest credit card insurer among PSU banks
• FIIs increased stake from 4 per cent to 11.2 per cent in last 18 months
• Top ranking bank in digitalisation among all banks
• Do SIP in every 7 per cent fall

ALSO READ: What Anil Singhvi recommends on Jubilant Pharmova in 2024

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