Anil Singhvi’s Strategy January 24: Buy OMC on Dips; Sell PSU Banks on Rise

Amid positive foreign institutional investors (FIIs), neutral global markets, futures & options (F&O) and negative domestic institutional investors (DIIs) cues, the short-term trend of the Indian stock markets will be neutral on Wednesday, January 22, 2020, while the sentiment is cautious.

The domestic stock markets on Thursday, January 23, 2020, snapped the three-day losing streak and closed in the green. At the stock markets, the Sensex at the Bombay Stock Exchange rose 271.02 points, or 0.66 per cent, to end at 41,386.40 on the back of gains in index heavyweights. Nifty 50 gained 73.45 points, or 0.60 per cent, to settle at 12,180.35. Bank Nifty rose by 302.60 points, or 1.02 per cent, and closed at 31,004.05.

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Zee Business's Managing Editor Anil Singhvi's Market Strategy for January 24:

Important support zone on Nifty is 12,075-12,100 and Bank Nifty is 30,600-30,700.  

The small day range for trading on Nifty is 12,150-12,200, while the medium and bigger ranges are 12,100-12,225 and 12,075-12275 respectively.

The small day range for trading on Bank Nifty is 30,850-31,075, while the medium and bigger ranges are 30,700-31,175 and 30,625-31,400 respectively.

Fresh Buying and big short-covering ONLY IF sustains above 12,230 and 31,200 level.

For Existing Long Positions:

Nifty intraday and closing stop loss 12,075.

Bank Nifty intraday and closing stop loss 30,700.

For Existing Short Positions:

Nifty intraday and closing stop loss 12,230.

Bank Nifty intraday and closing stop loss 31,200.

For New Positions:

Buy Nifty near 12,100 with a stop loss of 12,075 and target 12,150, 12,175, 12,200.

Sell Nifty in 12,200-12,250 range with a stop loss of 12,300 and target 12,175, 12,150, 12,100.

Buy Bank Nifty near 30,700 with a stop loss of 30,600 and target 30,850, 30,950, 31,075.

Sell Bank Nifty in 31,150-31,200 range with small strict stop loss 31,250 and target 31,075, 30,950, 30,850.

Still in F&O Ban: Yes Bank

Sectors:

Positive: OMC buy on dips

Negative: PSU Banks sell on a rise.