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Technical view: Outlook on Bank Nifty
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Bank Nifty index witnessed a strong day of trade during the Wednesday’s session with the index futures adding long positions. On the daily charts, the index has given a golden crossover (200 Dema/89 Dema) and a consolidation breakout, hinting a continued upward momentum in the favor of the bulls. We expect the index to gradually move higher up to 32,500 level during the December series, completing the 100 per cent retracement of its previous down move.
Tech Picks
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
UPL ended the session higher. On the daily chart, the price moved up after a consolidation. On the option front, call writers have covered their position in 500, which suggests expiry at higher level.
Trade: UPL Bull Call Spread
Buy Axis Bank Dec Future at Rs 630-636
Rupak De, Senior Research Analyst
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 73.00 levels
Technical view: Outlook on Bank Nifty
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Bank Nifty index witnessed a strong day of trade during the Wednesday’s session with the index futures adding long positions. On the daily charts, the index has given a golden crossover (200 Dema/89 Dema) and a consolidation breakout, hinting a continued upward momentum in the favor of the bulls. We expect the index to gradually move higher up to 32,500 level during the December series, completing the 100 per cent retracement of its previous down move.
Tech Picks
| Stock | Reco. | CMP | Target | Stop Loss |
Note |
| IDFC First Bank |
Buy | 38.65 |
41 |
37 |
Stock has given a Flag pattern breakout on the daily chart. |
| IOC | Buy | 94 | 99 | 90 | Stock has given a double bottom breakout on the daily chart. |
| Axis Bank |
Buy | 634 |
650 |
620 |
Stock has given a Flag pattern breakout on the daily chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
UPL ended the session higher. On the daily chart, the price moved up after a consolidation. On the option front, call writers have covered their position in 500, which suggests expiry at higher level.
Trade: UPL Bull Call Spread
- Hold till expiry: 31 Dec 2020
- Buy 1 lot UPL 31 Dec 500 CE @ Rs 19.75
- Sell 1 lot UPL 31 Dec 510 CE @ Rs 15.5
- Net Premium outflow: Rs 4.25/lot (approx)
- Maximum Loss: Rs 4.25/lot (approx)
- Maximum Profit: Rs.5.75/lot (approx)
Buy Axis Bank Dec Future at Rs 630-636
- Stop Loss: Rs 619
- Target: Rs 665
Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Feb) |
MCX | Sell in range of Rs49,700-49,750 SL: Above 49,920 Target: Rs 49,600/49,500 |
| Crude Oil (Dec) |
MCX | Buy in range of Rs 3,350-3,360 SL: Rs 3,320l Target: Rs 3,410/3,440 |
| Copper (Dec) |
MCX | Buy in the range Rs 590-591 SL: Rs 587 Target: Rs 596/600 |
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 73.00 levels
- Call for the day: Go Short in Dec future around 73.80
- Target: 73.00
- Stop Loss: 74.16
- Call for the day: Go long in Dec future around 89
- Target: 90
- Stop Loss: 88.5
(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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