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Technical view:
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Outlook on Nifty
The Nifty index has witnessed a sharp selloff during Wednesday’s trade. Long unwinding was seen ahead of the monthly expiry and the upcoming US elections. The index is currently trading in a distribution phase and has formed a bearish engulfing candlestick pattern on the daily chart. A break below its immediate support level of 11,650 could further accentuate the selling pressure and the index could reach our immediate target price of 11,500 during the upcoming week.
Tech Picks
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
Bank Nifty October Future ended the session 1.99 per cent lower. On the daily chart, the price has been within a range for the last few days. On the options front, heavy writing is witnessed at 24,200 PE and 24,500 CE of the 29 October expiry suggesting an expiry at around the current levels.
Trade:
Bank Nifty Butterly strategy using call (intraday)
Futures:
Sell Adani Port Oct Future at Rs 352-355
Buy L&T Oct Future at Rs 912-918
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move lower towards 74.40 levels.
GBP/INR Status: Likely to move lower towards 94.50 levels.
Technical view:
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Outlook on Nifty
The Nifty index has witnessed a sharp selloff during Wednesday’s trade. Long unwinding was seen ahead of the monthly expiry and the upcoming US elections. The index is currently trading in a distribution phase and has formed a bearish engulfing candlestick pattern on the daily chart. A break below its immediate support level of 11,650 could further accentuate the selling pressure and the index could reach our immediate target price of 11,500 during the upcoming week.
Tech Picks
| Stock | Reco. | CMP (Rs) | Target (Rs) | Stop Loss (Rs) | Note |
| Jindal Stainless | Buy | 60 | 65 | 57 | Stock has given a flag breakout above its previous swing top on the daily chart. |
| Indigo (Interglobe Aviation) | Sell (Fut) | 1,295 | 1,270 | 1,311 | Stock has given a consolidation breakdown on the daily chart. |
| M&M Finance | Sell (Fut) | 121.5 | 118 | 125 | Stock has given a double top breakdown on the hourly chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
Bank Nifty October Future ended the session 1.99 per cent lower. On the daily chart, the price has been within a range for the last few days. On the options front, heavy writing is witnessed at 24,200 PE and 24,500 CE of the 29 October expiry suggesting an expiry at around the current levels.
Trade:
Bank Nifty Butterly strategy using call (intraday)
- Buy 1 lot Bank Nifty 29 Oct 24,200 CE at Rs 242
- Sell 2 lot Bank Nifty 29 Oct 24,300 CE at Rs 188
- Buy 1 lot Bank Nifty 29 Oct 24,400 CE at Rs 145
- Net Premium outflow Rs11/lot (approx)
- Maximum loss Rs 11/lot (approx)
- Maximum Profit Rs 89/lot (approx)
Futures:
Sell Adani Port Oct Future at Rs 352-355
- Stop Loss: Rs 361
- Target: Rs 336
Buy L&T Oct Future at Rs 912-918
- Stop Loss: Rs 900
- Target: Rs 955
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Dec) | MCX | Sell in range: 51,000-51,100 Stop Loss above: 50,260 Target: 50,850/50,700 |
| Crude Oil (Nov) | MCX | Sell in range: 2,850-2,870 Stop Loss: 2,910 Target: 2,800/2,760 |
| Copper (Nov) | MCX | Sell in the range: 532-533 Stop Loss: 536 Target: 526/522 |
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move lower towards 74.40 levels.
- Call for the day: Go long in Nov Future around 73.80
- Target: 74.40
- Stop Loss: 73.50
GBP/INR Status: Likely to move lower towards 94.50 levels.
- Call for the day: Go short in Nov future around 96.10
- Target: 94.5
- Stop Loss: 96.70
(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.)
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