Day trading guide for Thursday

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Day trading guide for Thursday


IIFL Securities

Technical view: Outlook on Nifty

Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst

The Nifty 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 have added continued long positions during the December series, indicating a positive bias. On the daily charts, the MACD histogram has re-entered into the positive territory for the first time in the December series, hinting a rising strength in the current rally. We expect the index to gradually move higher up to 14,300 levels during the January series.

Tech Picks

Stock Reco. CMP (Rs) Target (Rs) Stop Loss (Rs) Note
Dalmia Bharat Buy 1,078 1,125 1,035 Stock has given a falling trendline breakout and is on the verge of giving a possible Flag pattern breakout on the daily chart.
Shree Cement Buy 24,600 25,500 23,750 Stock has given a Triangle pattern breakout on the daily chart.
Oberoi Realty Buy 568 600 545 Stock has given a bullish golden crossover (89/200 DEMA) breakout on the daily chart.

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


The stock price of Wipro ended on a muted note at the end of Wednesday’s trade. The price has been in a narrow range for the week after a rally in the previous week. On the options front, Call writers have maintained heavy positions at Rs 390 strike price, whereas Put writers have been holding significant positions at Rs 380 strike price. Therefore, we expect December expiry within the bands of Rs 380-390.

Trade:
Wipro Short Strangle
(Intraday) and Sell 1 lot Wipro 31 Dec 390 CE at Rs 0.40

  • Sell 1 lot Wipro 31 Dec 380 PE at Rs 0.40
  • Net Premium inflow: Rs 0.8/lot (approx)
  • Maximum Profit: Rs0.8/lot (approx)
  • Stop Loss: 1.2 (approx)

Futures:

Sell MGL Jan Future at Rs 1,076-1,081

  • Stop loss: Rs 1,100
  • Target: Rs 1,030.

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity Exchange Strategy
Gold (Feb) MCX Sell in range Rs 50,000-50,100; SL above Rs 50,250; TGT: Rs 49,750/49,600
Crude Oil (Jan) MCX Buy in range Rs 3,520-3,540; SL: Rs 3,480; Target: Rs 3,580/3,620
Copper (Jan) MCX Sell in the range Rs 604-606; SL: Rs 610; Target: Rs 596/590

Forex Technical

Analyst: Rupak De, Senior Research Analyst

USD/INR Status: Likely to move towards 74.30 levels

Call for the day: Go long in Jan future around 73.20

  • Target: 74.30
  • Stop loss: 72.70

GBP/INR Status: Likely to move towards 101 levels

Call for the day: Go long in Jan future around 99.40

  • Target: 101
  • Stop loss: 98.70





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