Anil Singhvi Market Strategy: Zee Business Managing Editor Anil Singhvi expects support to emerge at 23,550-23,650 levels and a strong buying zone at 23,350-23,450 levels in the Nifty50 index on Wednesday, January 8. In Nifty Bank, he expects support at 49,750- 49,950 and a strong support zone 49,425-49,650 levels.
Here’s how the market guru summed up the trade setup this morning:
- Global: Bad
- FII: Neutral
- DII: Good
- F&O: Neutral
- Feeling: Neutral
- Trend: Neutral
- Long FII positions at 20 percent compared to 18 percent the previous day
- Nifty put-call ratio (PCR) at 0.82 vs 0.72
- Nifty Bank PCR at 0.73 vs 0.70
- The Volatility India VIX index was down six percent at 14.66
The market wizard sees a high point at 23,750-23,825 levels and a strong selling point at 23,870-24,000 levels of the headline index.
With the bank index, you see a high area at the levels of 50,450-50,600 and a strong selling area at the levels of 50,725-50,900.
ANIL SINGHVI MARKET STRATEGIES
For existing long positions:
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Nifty intraday and closing loss at 23,550
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Nifty Bank intraday and closing loss at 49,900
With short positions available:
- Nifty intraday and closing loss at 23,825
- Nifty Bank intraday stop loss in 50,500 and closing stop loss in 50,750
For new positions in Nifty50:
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Best buy range for Nifty is 23,550-23,650 with stop loss at 23,450 against targets of 23,700, 23,750, 23,800, 23,850, 23,870 and 24,000
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Aggressive traders can sell Nifty in the range of 23,800-23,870 with strong stop loss at 24,000 with targets of 23,750, 23,700, 23,650, 23,600, 23,550 and 23,475
For new positions in Nifty Bank:
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Aggressive traders can buy Nifty Bank in the range of 49,750-49,950 with strong stop loss at 49,650 with targets of 50,200, 50,450, 50,600, 50,725, 50,850 and 50,975
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Aggressive traders can sell Nifty Bank in the range of 50,600-50,750 with a strong stop loss at 51,000 in terms of 50,475, 50,200, 50,000, 49,925, 49,800 and 49,750
Stocks on F&O ban .
- New ban: Bandhan Bank
- Already banned: Hindustan Copper, RBL Bank, Manappuram Finance
- Without restriction: None
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