Day trading guide for Thursday

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Day trading guide for Thursday


IIFL Securities


Technical view: Outlook on Nifty
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst


The Nifty index witnessed a positive day of trade during the Wednesday’s session and is trading in a strong higher top higher bottom chart structure. Majority of its constituents have added continued long positions during the January series, indicating a positive bias. The index has given a consolidation breakout on the hourly chart and has hit a fresh lifetime high. We expect the index to gradually move higher up to our immediate target price of 15,000 during the January series.

Stock Reco. CMP Target Stop Loss Note
Bosch Buy 15,882 16,550 15,350 Stock has given a Golden Crossover (89/200Dema) and an inverse head & shoulder breakout on the daily chart.
AIA ENG Buy 2,180 2,250 2,135 Stock has given a flag pattern breakout on the daily chart.
Sun TV Buy 525 550 510 Stock has given an inverse head & shoulder breakout on the weekly chart.

F&O Strategy
Analyst: Rupak De, Senior Research Analyst


The price of Reliance moved up after a consolidation on the weekly timeframe, suggesting a rise of optimism. The momentum indicator RSI is in a positive crossover. On the option front, call writers have started unwinding positions in the crucial strike of 2,100, indicating a higher closing on expiry from the current level.

Trade:
Hold till expiry: Buy 1 lot Reliance
28 Jan 2080 CE @ Rs 33

  • Sell 1 lot Reliance 28 Jan 2100 CE @ Rs 26
  • Net Premium outflow: Rs7/lot (debit/approx)
  • Maximum Loss: Rs7/lot (approx)
  • Maximum Profit: Rs 13/lot (approx)

Futures:
Buy Cipla Jan Future
at Rs 830-832

  • Stop Loss: Rs 809
  • Target: Rs 900

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity Exchange Strategy
Gold (Feb) MCX Buy in range 49050-49100
SL: Below 48800
Target: 49400/49500
Crude Oil (Feb) MCX Buy in range 3850-3870
SL: 3750
Target: 3970/4040
Copper (Jan) MCX Buy in the range 611-612
SL: 607
Target: 617/622

Forex Technical
Analyst: Rupak De, Senior Research Analyst


USD/INR Status: Likely to move towards 72.6 levels

Call for the day: Go short in Jan future around 73.30

  • Target: 72.60
  • Stop Loss: 73.60

EUR/INR Status: Likely to move towards 90 levels

Call for the day: Go long in Jan future around 88.80





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