AgenciesKotak Securities
The index has formed an uptrend continuation formation, which is broadly positive for the market. However, intraday charts are indicating an overbought situation and high chances of a short-term correction is not ruled out if the Nifty sustains below 13,700. For the next few trading sessions, 13,700 should be the key level for the bulls. If it sustains above the same, then the uptrend rally is likely to continue up to 13,840/13,850. On the flip side, trading below 13,700 could trigger quick short-term correction up to 13,550. Contra traders can take short bets near 13,850 with strict 50 points stop loss.
Tech Picks
Analyst: Shrikant Chouhan, Executive Vice President - Technical Research
Apollo Hospitals: BUY
Analyst: Sahaj Agrawal, DVP-Derivatives, Research
Futures:
Sell ACC Future Dec @ Rs 1,640
Nifty Short Strangle: Sell 31 Dec 13,000 PE @ 22 and Sell 31 Dec 14,000 CE @62
Forex & Interest Rate Technical
Analyst: Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives
USD-INR: Sell between 73.70/90
Analyst: Ravindra Rao, VP- Head Commodity Research
The index has formed an uptrend continuation formation, which is broadly positive for the market. However, intraday charts are indicating an overbought situation and high chances of a short-term correction is not ruled out if the Nifty sustains below 13,700. For the next few trading sessions, 13,700 should be the key level for the bulls. If it sustains above the same, then the uptrend rally is likely to continue up to 13,840/13,850. On the flip side, trading below 13,700 could trigger quick short-term correction up to 13,550. Contra traders can take short bets near 13,850 with strict 50 points stop loss.
Tech Picks
Analyst: Shrikant Chouhan, Executive Vice President - Technical Research
Apollo Hospitals: BUY
- CMP: Rs 2,404.5
- Target: Rs 2,480
- Stop loss: Rs 2,365
- Rounding bottom chart formation near important retracement zones on daily charts.
- CMP: Rs 557.5
- Target: Rs 575
- Stop loss: Rs 549
- Bullish continuation formation along with spinning top candlestick patterns on daily chart.
- CMP: Rs 1,638.55
- Target: Rs 1,690
- Stop loss: Rs 1,610
- Trend reversal candlestick formation near trend line support with pick up in volume activity.
- CMP: Rs 120.3
- Target: Rs 125
- Stop loss: Rs 117
- Higher high higher bottom patterns coupled with rise in volume suggest an upward move in the near term.
Analyst: Sahaj Agrawal, DVP-Derivatives, Research
Futures:
Sell ACC Future Dec @ Rs 1,640
- Stop loss: Rs 1,710
- Target: Rs 1,540
- Range breakdown seen below 1655 on spot.
Nifty Short Strangle: Sell 31 Dec 13,000 PE @ 22 and Sell 31 Dec 14,000 CE @62
- Premium Inflow: 84
- Stop loss: 110
- Target: 20
Forex & Interest Rate Technical
Analyst: Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives
USD-INR: Sell between 73.70/90
- Target: 73.20/73.00
- Stop loss: 74.10
Analyst: Ravindra Rao, VP- Head Commodity Research
| Commodity | Exchange | Strategy |
| Silver(Mar) | MCX | Buy at Rs 66,200/66,000 TP: Rs 68,200/68,500 SL: Rs 64,500 |
| Crude Oil (Jan) | MCX | Buy at Rs 3,500/3,48 TP: Rs 3,620/3,650 SL: Rs 3,400 |
| Zinc (Dec) | MCX | Buy at Rs 221.5/221 TP: Rs 225.00/225.50 SL: Rs 219.5 |
| Soybean (Jan) | NCDEX | Sell at Rs 4,415/4,420; TP: Rs 4,350/4,330 SL: Rs 4,465 |
(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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1 Comment on this Story
 | Arijit Routh13 minutes ago lets see how long your analyst would be accurate for tomorrow. |
