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Day buying and selling information for Thursday

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IIFL Securities

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

Nifty Bank index witnessed a optimistic day of commerce in the course of the Wednesday’s session and is buying and selling in a powerful increased prime increased backside chart construction. Majority of its constituents together with choose PSU financial institution shares have added continued lengthy positions in the course of the January sequence, indicating a optimistic bias. The index has hit a recent lifetime excessive after a niche of greater than a 12 months and has given a consolidation breakout on the hourly charts. We count on the index to steadily transfer increased as much as 33,500 ranges in the course of the January sequence.

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 every day chart.
Bank of Baroda Buy 75 80 72 Stock has given a Flag sample breakout on the every day chart.
Bandhan Bank Sell (Fut) 377 360 392 Stock has given a double prime breakdown on the every day chart.

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

Axis Bank moved above its earlier consolidation excessive on the every day chart suggesting an increase in optimism. The momentum indicator is having a optimistic crossover. On the choice entrance, name writers have shifted their place from 680 strike to 700 and better strike worth, indicating a closing above 700 on expiry.

Trade

(Hold until 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 influx Rs2/lot (credit score/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 vary 49,150-49250
SL: Below 49,000

Target: 49,400/49,550

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

Forex
Technical

Analyst: Rupak De, Senior Research Analyst


USD/INR Status: Likely to maneuver in direction of 74 ranges

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

GBP/INR Status: Likely to maneuver in direction of 101 ranges

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




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