Business & Investment

Thursday Day Trading Guide

IIFL Securities

Technical view: outlook Nifty Bank



Analyst: Jayesh Bhanushali, Senior Derivatives & Technical Research Analyst


The Nifty Bank index witnessed a big sell during Wednesday’s session, dating back about 61.8% of its previous rise in the last four trading sessions. Most of its components have witnessed a long rewind prior to the expiration of January, indicating a negative bias. However, the index is currently trading around the support of the uptrend line and is expected to bounce off the oversold territory. The index holds an immediate base of 30,000 and expects to expire the January series above the exercise price mentioned in today’s trading session.

Tech Picks

stock Reco. CMP (Rs) Target (Rs) Stop loss (Rs) Note
SBI Life Purchase 882 925 860 Stock prices form a bullish candlestick pattern on the hourly chart.
UBL Purchase 1301 1375 1250 The stock gave a breakout of the flag pattern on the daily chart.
Tataerukushi Purchase 2660 2800 2550 The stock price is on the verge of giving a breakout of the flag pattern on the hourly chart.

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

Tech Mahindra’s price formed a high top for the first time after a series of low tops and low bottoms on the hourly chart. The momentum indicator RSI is in the positive divergence. In terms of options, call writers lost some position on the 1020 strike, demonstrating a high closing at expiration from their current level.

Trade: (daytime)

  • Buy 1 lot of TechM January 28, 1010 CE @ Rs 2.5
  • Sell ​​1 lot TechM January 28, 1020 CE @ Rs 1.65
  • Net premium outflow Rs 0.85 / lot (debit / approx.)
  • Maximum loss: Rs 0.85 / lot (approx.)
  • Maximum profit: Rs.9.15 / lot (approx.)

futures:

Buy SBI Life February Future Rs880-885

  • Stop loss: Rs 859
  • Goal: 965 rupees

Product call
Analyst: Rupak De, Senior Research Analyst

Product Currency exchange strategy
Gold (April) MCX Sold in the range of Rs49,100-49,200
SL exceeds 49,350 rupees
Goal: Rs 48,800 / 48,600
Crude oil (February) MCX Purchased in the range of Rs 3,850-3,870
SL: 3,770 rupees
Goal: Rs 3,950 / 4,030
Copper (February) MCX Sell ​​in the range of Rs606-608
SL: Rs 612
Goal: 600/595 rupees

Forex technical
Analyst: Rupak De, Senior Research Analyst

USD-INR status: Likely to move towards level 72

  • Call for the day: shortage around 72.90 in the future in February
  • Target: 72
  • Stop loss: 73.30

GBP-INR status: Likely to move towards level 101

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



Thursday Day Trading Guide

https://economictimes.indiatimes.com/markets/stocks/news/day-trading-guide-for-thursday/articleshow/80483489.cms Thursday Day Trading Guide

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