Day trading guide for Wednesday

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Day trading guide for Wednesday


Nifty

Nifty has achieved multiple targets around 14750 as per Elliot wave theory and channeling techniques, indicating that the index could undergo a breather for some time now. The index has also closed below 20 DMA for the first time since November indicating first sign of weakness in index.

Top Trading ideas


Sagar Doshi, Edelweiss Wealth Management


Cipla:
BUY

CMP: 839

TGT: 885

SL: 810

Cipla has bounced back after taking support near levels of 800. Also this bounce back has ensured that the selling pressure at higher levels had no follow through and hence stock is still in its uptrend.

TVS Motor: BUY

CMP: 540

TGT: 585

SL: 517

TVS Motor has given a fresh breakout after taking support around 500. It has also closed above its previous swing high of 530. Higher volumes indicate higher strength on breakout.

Bajaj Finance: SELL (FEB)

CMP: 4920

TGT: 4600

SL: 5050

Bajaj Finance retraced back after it faced resistance around 5250 levels. It has shown initial signs of weakness as it closed below swing low of 5000.

HDFC: SELL (FEB)

CMP: 2575

TGT: 2400

SL: 2650

HDFC faced stiff resistance around the level of 2700 and the stock retraced back from those levels. The stock has given a fresh breakout on the downside as it closed below its swing low of 2560. Volumes are high on breakout which suggests participation is on the short side.

F&O Tracker

Sagar Doshi, Edelweiss Wealth Management


We have witnessed profit booking by FIIs in last 10 trading sessions as their long exposure in index futures has reduced from peak of 83% to 59%, lowest since the month of November. In stock futures, FIIs have unwound 60k long contracts in last 10 trading sessions.

On option front, 14000 to act as support on downside as this strike has maximum put open interest whereas 14500 strike will act as resistance.

Actionable:

Nifty:
Sell 14200 straddle (both CE & PE) at current spread of 202. Buy 13900 PE @ 14 and 14500 CE @ 17

FX Technical

Munjaal Raval,
Edelweiss Wealth

USDINR Status: USDINR is approaching its previous bottom support which is placed near 72.80 level.

Current Spot : 72.95

Call for the day : Buy on dips around 72.80

Target : 73.50

Stop Loss : 72.50

EURUSD Status: EURUSD has resumed its upward momentum after finding support near 1.2050.

Current Spot: 1.2150

Call for the day : Buy on dips around 1.21

Target : 1.2350

Stop Loss : 1.1990

Ankit Narshana, Edelweiss Wealth Management
Buy mcx copper only above 616 for the target of 628 and stop loss 607

Buy mcx gold above 49300 for target of 49900 stop loss 39900

Buy mcx silver above 67800 for the target of 69000 stop loss 66800





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