Day trading guide for Thursday

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Day trading guide for Thursday


IIFL Securities

Technical view: Outlook on Nifty Bank



Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst


The Nifty Bank index witnessed a huge selloff during the Wednesday’s session and has retraced ~61.8% of its previous up move in just the last four trading sessions. Majority of its constituents have witnessed long unwinding ahead of the January expiry, indicating a negative bias. However, the index is currently trading around its rising trendline support and is expected to bounce back from its oversold territory. We expect the index to hold its immediate base of 30,000 and expire the January series above the mentioned strike price in today’s trading session.

Tech Picks

Stock Reco. CMP (Rs) Target (Rs) Stop Loss (Rs) Note
SBI Life Buy 882 925 860 Stock has formed a bullish engulfing candlestick pattern on the hourly chart.
UBL Buy 1301 1375 1250 Stock has given a flag pattern breakout on the daily chart.
Tata Elxsi Buy 2660 2800 2550 Stock is on the verge of giving a flag pattern breakout on the hourly chart.

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

The price of Tech Mahindra has formed higher top for the first time after a series of lower top and lower bottoms on the hourly chart. The momentum indicator RSI is in a positive divergence. On the option front, call writers have shed some position in the strike of 1020, indicating a higher closing on expiry from the current level.

Trade: (Intraday)

  • Buy 1 lot TechM 28 Jan 1010 CE @ Rs 2.5
  • Sell 1 lot TechM 28 Jan 1020 CE @ Rs 1.65
  • Net Premium outflow Rs 0.85/lot (debit/appx)
  • Maximum Loss: Rs 0.85/lot (appx)
  • Maximum Profit: Rs.9.15/lot (appx)

Futures:

Buy SBI Life Feb Future at Rs 880-885

  • Stop loss: Rs 859
  • Target: Rs 965

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity Exchange Strategy
Gold (Apr) MCX Sell in range of Rs49,100-49,200
SL above Rs 49,350
Target: Rs 48,800/48,600
Crude Oil (Feb) MCX Buy in range Rs 3,850-3,870
SL: Rs 3,770
Target: Rs 3,950/4,030
Copper (Feb) MCX Sell in the range Rs 606-608
SL: Rs 612
Target: Rs 600/595

Forex Technical
Analyst: Rupak De, Senior Research Analyst

USD-INR Status: Likely to move towards 72 levels

  • Call for the day: Go short in Feb future around 72.90
  • Target: 72
  • Stop Loss: 73.30

GBP-INR Status: Likely to move towards 101 levels

  • Call for the day: Go long in Feb future around 99.80
  • Target: 101
  • Stop Loss 99.40





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