Day Trading Guide for Friday

The market ended flat on the day of weekly expiry and ahead of the credit policy. The Nifty50 index opened at the highest level and closed at the lowest point of the day. On Friday, the index could fall to 13,050 levels in the first half of the trading session and move back to 13,300 levels in the second half of the day. The strategy should be to buy on dips. Meanwhile, the Bank Nifty is having major concentration at 28,900 and below that it has scope to fall up to 28,500. On the other side, dismissal of 29,950 would lift indices to 30,300 levels.

Tech Picks
Analyst: Shrikant Chouhan, Executive Vice President - Technical Research

Mindtree: BUY

• CMP: Rs 1,441.7
• Target: Rs 1,485
• Stop loss: Rs 1,420
• Symmetrical triangle breakout with rise in volume activity seen on daily chart.

Persistent Systems: BUY

• CMP: Rs 1,232.9
• Target: Rs 1,270
• Stop loss: Rs 1,212
• Rounding bottom chart formation on daily and weekly charts.

HDFC Life: BUY

• CMP: Rs 647.95
• Target: Rs 669
• Stop loss: Rs 635
• Strong bullish reversal candlestick formation near important retracement level along with modest volume activity.

ICICI Bank BUY

• CMP: Rs 481.85
• Target: Rs 495
• Stop loss: Rs 475
• Doji star candlestick formation near the support area implying an up move.

F&O Strategy
Analyst: Sahaj Agrawal, DVP-Derivatives, Research

Futures:

• BUY Torrent Power Future Dec @ Rs 325
• Stop loss: Rs 313
• Target: Rs 340
• Range breakout seen above 322 on spot.

Options:
Nifty Bull Call Spread: Buy 10 Dec 13,200 CE @ 90 and Sell 10 Dec 13,400CE @ 25

• Premium Outflow: 65
• Stop loss: 20
• Target: 150
• Market is trending positive with immediate support at 12,980 on Nifty. The overall breadth numbers continue to remain pretty strong, inkling positive price action over the next few days. On the other side, Nifty has a potential supply area (resistance) near 13,325-13,350 levels. In this situation, a Bull Call Spread is apt.

Forex & Interest Rate Technical
Analyst: Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives

USDINR: Sell Dec futures between 74.30/40

• Target: 73.80/73.60
• Stop loss: 74.65
  

Commodity Calls
Analyst: Ravindra Rao, VP- Head Commodity Research