: Zee Business Managing Editor Anil Singhvi expects support to emerge at 22,975-23,075 levels and a strong buy zone at 22,750-22,900 levels for the headline Nifty50 index on Thursday, January 23. For the Nifty Bank, he expects support at 48,300-48,525 levels and a strong buy zone at 48,075-48,225 levels. 

The market wizard expects short-covering action along with buying at lower levels amid positive signals such as an S&P 500 lifetime high and decreasing FII outflows. 

He believes that HDFC Bank shares along with IT and oil & gas sector stocks will keep the market from falling. 

The market wizard sees a higher zone at 23,200-23,265 levels and a strong sell zone at 23,300-23,425 levels for the headline index.  

For the banking index, he sees a higher zone at 49,000-49,250 levels and a strong sell zone at 49,350-49,550 levels.  

The market guru points out that any fresh weakness could only emerge if the Nifty slides below the 22,900 mark, with the index taking support repeatedly near 23,000.

He suggests buying in case of a big gap-down opening as well as profit-taking at higher levels. 

Singhvi also mentions that a key resistance zone exists in the 23,265-23,400 range for the Nifty.

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Results better than expected

Buy Persistent futures for targets of Rs 5,780 and Rs 5,840 with a stop loss at Rs 5,600 

 

HUL 

HDFC Bank 

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