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Day buying and selling information for Tuesday

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ICICI Securities

Analyst Name: Dharmesh Shah – Head Technical

The weekly worth motion shaped a large bull candle carrying larger high-low. The benchmark index continued its optimistic momentum on Monday and registered a recent all-time excessive (11,474). The Nifty within the course of retraced its three-week decline (12,025-11,535) in only a single week, signifying structural enchancment.

Going forward, we count on the index to keep up a optimistic bias and lengthen the up transfer in direction of 12,750 ranges within the coming weeks being the worth parity with the earlier rally (10,790 to 12,025) from the latest trough (10,535). We count on a broader market to witness catch up exercise and outperform within the coming weeks.

The Nifty Midcap has resolved out of two months consolidation and the market breadth has seen vital enchancment as presently common 71 per cent elements of Nifty midcap and smallcap indices are buying and selling above its 200 days SMA in comparison with final week’s common studying of 65 per cent.

Analyst Name: Dharmesh Shah – Head Technical

Stock Reco. CMP Target Stop Loss Note
Tech Mahindra Buy 876 950 835 Bullish Flag breakout within the weekly chart because the inventory rebounded from the 50 days EMA and MACD giving purchase sign.
Tata Motors Buy 141 155 134 The inventory is on the cusp of breakout above the final two months Symmetrical Triangle sample and the bottom of the latest consolidation is at 52 weeks EMA.
Kajaria Ceramics Buy 593 640 565 Falling Trendline line breakout becoming a member of highs of September 2019 and February 2020 and RSI giving purchase sign.

F&O Strategy:
Analyst: Raj Deepak Singh, Head Derivatives

Buy: Mahanagar Gas

  • CMP: Rs 850
  • Target: Rs 890
  • Stop loss: Rs 825

Rationale:

  • In the present up transfer, a lot of the crushed down shares did nicely and noticed sharp pullbacks. MGL has been consolidating above Rs 800 ranges for a few weeks after witnessing continued decline in the previous couple of months. It has witnessed an enormous addition of quick positions within the October sequence, which has been rolled into November sequence.
  • Recent closure briefly OI was seen within the inventory suggesting an anticipated up transfer within the quick time period. With upcoming quarterly outcomes, we consider quick masking would possibly discover some tempo.

Buy Infosys

  • CMP: Rs 1,130
  • Target: 1,180
  • Stop loss: 1,090

Rationale:

  • After a pointy rally within the expertise area, a leg of revenue reserving was seen publish the quarterly numbers. Stocks like Infosys noticed recent lengthy OI blocks within the November sequence. The inventory managed to maneuver and maintain above 1,100 ranges.
  • As the sequence progressed, Call writers shifted their place to OTM strike of 1,200 whereas sizeable Put OI is positioned at 1,100, which needs to be thought of as a re-entry alternative to create lengthy. We really feel the present leg of lengthy accumulation within the inventory would proceed and the inventory is well-placed to maneuver in direction of its lifetime excessive ranges.

Forex Strategy
Analyst: Raj Deepak Singh, Head Derivatives


Buy USDINR

Buy USDINR at 73.9074.00

  • Target: 74.60
  • Stop loss: 73.70

Rationale:

  • Post the US election, volatility cooled off in world equities in addition to the foreign exchange market. Dollar index fell from 94 ranges attributable to which INR appreciated sharply from 75 ranges.
  • However, 74 and 73.75 Put strikes have a large Open curiosity indicating doable assist at decrease ranges.
Resistance 74.40 74.60 74.80
Support 74.0 73.85 73.70

Buy GBPINR

Buy GBPINR at 97.10-97.20

  • Target: 97.90
  • Stop loss: 96.80

Rationale:

  • The rise in Dollar index was primarily because of the weak spot seen in Euro, which has now reverted and Dollar index moved towards multi-month low of 92.
  • The present leg of uptick in GBP-INR is more likely to proceed as we really feel recent accumulation may very well be seen attributable to weak spot in Dollar.
Resistance 97.55 97.65 97.95
Support 97.10 96.95 96.80




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