Thursday Day Trading Guide
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
