Anil Singhvi strategy January 8: 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 21,600-21,650 levels and a strong buy zone at 21,500-21,550 levels on Monday, January 8. 

For the Nifty Bank, he expects support at 47,725-47,850 levels and a strong buy zone at 47,500-47,650 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 higher zone for the Nifty50 at 21,750-21,825 levels and a blue-sky zone above 21,850 levels. For the banking index, he sees a higher zone emerging at 48,350-48,500 levels and a blue-sky zone above 48,650 levels. 

ANIL SINGHVI MARKET STRATEGY 

• FII index longs at 67 per cent vs 66 per cent the previous day

• Nifty put-call ratio (PCR) at 1.08 vs 1.22

• Nifty PCR Bank at 0.77 vs 1.17

• Volatility index India VIX down five per cent at 12.63 

The market wizard believes that corporate earnings will determine the moves on Dalal Street. TCS is all set to kick off the earnings season for India Inc this week. 

Singhvi points out heavy selling by domestic funds after a long time, contrary to strong buying by FIIs, amid signs of worsening weakness on Wall Street. 

He expects big moves for the Nifty50 in the 21,500-21,800 range or in case it breaks past the levels of 21,450 or 21,850, and sees consolidation for the Nifty Bank coming in at 47,500-48,500 levels, and big moves past the 47,200 or 48,700 marks.

Singhvi suggests rapid buying at key support levels and profit-taking at higher levels. He expects buying to continue in midcap and smallcap segments and advises investors to stay focused on sectoral rotation.

For existing long positions:

• Nifty intraday stop loss at 21,600 and closing stop loss at 21,500

• Nifty Bank intraday stop loss at 48,000 and closing stop loss at 47,700

For existing short positions:

• Nifty intraday stop loss at 21,850 and closing stop loss at 21,800

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

For new positions in Nifty:

• Sell Nifty in the 21,750-21,825 range with a stop loss at 21,900 for targets of 21,700, 21,675, 21,650, 21,550 and 21,500

  Aggressive traders can sell Nifty with a strict stop loss at 21,850 for targets of 21,675, 21,650, 21,550, 21,500, 21,450 and 21,425

• Buy Nifty in the 21,550-21,625 range with a stop loss at 21,475 for targets of 21,675, 21,725, 21,750, 21,775, 21,800 and 21,825

For new positions in Nifty Bank:

• Sell Nifty Bank in the 48,350-48,500 range with a stop loss at 48,650 for targets of 48,275, 48,200, 48,100, 48,000, 47,850 and 47,725

• Aggressive traders can sell Nifty Bank with a strict stop loss at 48,500 for targets of 48,100, 48,000, 47,850, 47,725, 47,650 and 47,525

• Buy Nifty Bank in the 47,850-48,000 range with a stop loss at 47,700 for targets of 48,075, 48,150, 48,200, 48,275, 48,350, 48,450 and 48,500

   

F&O ban update

• New in ban: Piramal Enterprises

• Already in ban: Chambal Fertilisers, India Cements, GNFC, Escorts, NALCO, Delta Corp, IEX, SAIL, Zee Entertainment Enterprises, Balrampur Chini

• Out of ban: Hindustan Copper

Stocks of the day

Buy Titan futures with a stop loss at Rs 3,680 for targets of Rs 3,755 and Rs 3,800

• Strong quarterly update

Sell Bank of Baroda futures with a stop loss at Rs 238 for targets of Rs 231, Rs 228 and Rs 226

• Weak quarterly update

Sell Bajaj Finance futures with a stop loss at Rs 7,815 for targets of Rs 7,690, Rs 7,615 and Rs 7,550

• Macquarie has downgraded the stock to 'neutral' from 'outperform' and lowered its target for it to Rs 8,100 from Rs 9,190

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