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Technical view: Outlook on Nifty
By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty index witnessed a strong day of trade during the Wednesday’s session with the index futures adding continued long positions. On the daily charts, the index has negated a bearish doji star pattern and has given a consolidation breakout, hinting a continued upward momentum in the favour of the bulls. We expect the index to
gradually move higher up to 13,800 levels during the December series.
Tech Picks
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
The Bank Nifty ended the session marginally lower and is currently trading in a narrow trading band. On the option front, Call writers added a heavy position in the 30,800 strike price whereas significant unwinding was witnessed in 30,500 CE,which suggests weekly expiry around the current levels.
Trade:
Bank Nifty Butterfly Spread using calls (Intraday)
Buy 1 lot Bank Nifty 17 Dec 30,600 CE at Rs 270
Sell 2 lots Bank Nifty 17 Dec 30,700 CE at Rs 212
Buy 1 lot Bank Nifty 17 Dec 30,800 CE @ Rs 163
Futures:
Buy Tata Steel Dec Future at Rs 640-644
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 72.70 levels
GBP/INR Status: Likely to move towards 100 levels
Call for the day: Go long in Dec future around 99
Technical view: Outlook on Nifty
By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty index witnessed a strong day of trade during the Wednesday’s session with the index futures adding continued long positions. On the daily charts, the index has negated a bearish doji star pattern and has given a consolidation breakout, hinting a continued upward momentum in the favour of the bulls. We expect the index to
gradually move higher up to 13,800 levels during the December series.
Tech Picks
| Stock | Reco. | CMP | Target | Stop Loss | Note |
| Page Industries | Buy | 25,890 | 27,000 | 25,000 | Stock has given a Golden crossover breakout on the daily chart. |
| ABB | Buy | 1,195 | 1,240 | 1,169 | Stock has given a Flag pattern breakout on the daily chart. |
| Relaxo | Buy | 760 | 800 | 735 |
Stock has given a consolidation breakout on the daily chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
The Bank Nifty ended the session marginally lower and is currently trading in a narrow trading band. On the option front, Call writers added a heavy position in the 30,800 strike price whereas significant unwinding was witnessed in 30,500 CE,which suggests weekly expiry around the current levels.
Trade:
Bank Nifty Butterfly Spread using calls (Intraday)
Buy 1 lot Bank Nifty 17 Dec 30,600 CE at Rs 270
Sell 2 lots Bank Nifty 17 Dec 30,700 CE at Rs 212
Buy 1 lot Bank Nifty 17 Dec 30,800 CE @ Rs 163
- Net Premium outflow: Rs 9/lot (approx)
- Maximum loss: Rs 9/lot (approx)
- Maximum profit: Rs 91/lot (approx)
Futures:
Buy Tata Steel Dec Future at Rs 640-644
- Stop loss: Rs 627
- Target: Rs 682
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Feb) | MCX | Buy in range Rs 49,600-49,650 Stop loss below Rs 49,500 Target: Rs 49,770/49,900 |
| Crude Oil (Dec) | MCX | Buy in range Rs 3,480-3,500 Stop loss: Rs 3,450 Target: Rs 3,560/3,600 |
| Copper (Dec) | MCX | Buy in the range Rs 600-601 Stop loss: Rs 597 Target: Rs 606/612 |
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 72.70 levels
- Call for the day: Go Short in Dec future around 73.60
- Target: 72.70
- Stop Loss: 73.86
GBP/INR Status: Likely to move towards 100 levels
Call for the day: Go long in Dec future around 99
- Target: 100
- Stop Loss: 98.5
(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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