Day trading guide for Thursday


IIFL Securities

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

Nifty Bank 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 along with select PSU bank stocks have added continued long positions during the January series, indicating a positive bias. The index has hit a fresh lifetime high after a gap of more than a year and has given a consolidation breakout on the hourly charts. We expect the index to gradually move higher up to 33,500 levels during the January series.

Stock Reco. CMP (Rs) Target (Rs) Stop Loss (Rs) Note
Quess Corp Buy 567 625 535 Stock has given a Golden Crossover (89/200 Dema) and a consolidation breakout on the daily chart.
Bank of Baroda Buy 75 80 72 Stock has given a Flag pattern breakout on the daily chart.
Bandhan Bank Sell (Fut) 377 360 392 Stock has given a double top breakdown on the daily chart.

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

Axis Bank moved above its previous consolidation high on the daily chart suggesting a rise in optimism. The momentum indicator is having a positive crossover. On the option front, call writers have shifted their position from 680 strike to 700 and higher strike price, indicating a closing above 700 on expiry.

Trade

(Hold till expiry) Buy 1 lot Axis Bank 28 Jan 680CE @ Rs30

  • Sell 1 lot Axis Bank 28 Jan 700 CE @ Rs 21
  • Sell 1 lot Axis Bank 28 Jan 730CE @ Rs11
  • Net Premium inflow Rs2/lot (credit/approx)
  • Stop loss: Rs2/lot (Debit)
  • Maximum Profit: Rs 22/lot (approx)

Futures:

Buy Apollo Tyre Jan Future at Rs 192-193

  • Stop Loss: Rs 196.60
  • Target: Rs 178

Commodity Calls

Analyst: Rupak De, Senior Research Analyst

Commodity Exchange Strategy
Gold (Feb) MCX Buy in range 49,150-49250
SL: Below 49,000

Target: 49,400/49,550

Crude Oil (Jan) MCX Sell in range 3,950-3,960
SL: 4,000
Target: 3,900/3,840
Copper (Jan) MCX Sell in the range 612-613
SL: 617
Target: 607/602

Forex
Technical

Analyst: Rupak De, Senior Research Analyst


USD/INR Status: Likely to move towards 74 levels

  • Call for the day: Go long in Jan future around 73.10
  • Target: 74
  • Stop Loss: 72.80

GBP/INR Status: Likely to move towards 101 levels

  • Call for the day: Go long in Jan future around 100
  • Target: 101
  • Stop Loss: 99.49



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