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Nifty: In this week alone, the Nifty rallied over 600 points. Sharp price dominating pullback rally post correction clearly suggest bears have started losing interest. The short term texture of the index is still bullish and likely to continue if index trading above 11360. For the next few trading sessions, 11360 should be the sacrosanct level, trading above the same we can expect uptrend continuation wave up to 11500-11550. However, dismissal of 11360 may trigger short term correction up to 11250-11200. Invest in strong companies between 11250-11200.
Tech Picks
Shrikant Chouhan, Executive Vice President - Technical Research
Ashok Leyland: BUY
CMP: 76.25
TARGET: 80
STOP LOSS: 72
The stock has formed strong reversal formation from its important retracement level along with incremental volume activity.
Manappuram Finance: BUY
CMP: 166.45
TARGET: 172
STOP LOSS: 163
Strong range breakout formation along with positive SAR series indicates further uptrend.
Apollo Tyres: BUY
CMP: 132.85
TARGET: 139
STOP LOSS: 129
Higher bottom formation on daily charts likely to continue in the short run.
Grasim Industries: BUY
CMP: 754.55
TARGET: 780
STOP LOSS: 740
Higher High and Higher bottom series formation on daily charts and trading well above short term averages suggest uptrend continuation.
F&O Strategy
Sahaj Agrawal, DVP-Derivatives, Research
Futures:
Buy MUTHOOTFIN OCT FUT at: 1160
TARGET: 1250
STOP LOSS: 1110
Falling Channel Breakout seen above 1140 on spot.
Options:
NIFTY Bull Call Spread:
Buy OCT 11500CE at 170
Sell OCT 11800CE at 60
STRATEGY COST: 110
TARGET: 200/230
STOP LOSS: 50
Range Breakout seen above 11300 with Sentiment and Market Breadth turning positive. Above 11480 further upward thrusting activity is expected which can propel NIFTY towards 11700.
Forex & Interest Rate Technical
Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives
USDINR: SELL between 73.60/73.80
TARGET: 73.00/72.80
STOP LOSS: 74.20
Commodity Calls
Ravindra Rao, VP- Head Commodity Research
| Commodity | Exchange | Strategy |
| Silver (Nov) | MCX | Sell at 61000/61200 TARGET: 59200/59000 STOP LOSS: 62000 |
| Crude Oil (Oct) | MCX | Sell at 2980/3030 TARGET: 2870/2850 STOP LOSS: 3060 |
| Copper (Oct) | MCX | Sell at 524/525 TARGET: 516/515 STOP LOSS: 529 |
| RM Seed (Oct) | NCDEX | Buy at 5420/5400 TARGET: 5550/5580 STOP LOSS: 5350 |
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)