Day trading guide for Thursday


IIFL Securities


Outlook on Nifty Bank
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty Bank index finally saw an uptick on Wednesday, ending its losing streak of six consecutive trading sessions. The index future witnessed heavy unwinding of short positions as across the board short covering weighed in. On the options front, a significant amount of short gamma positions has been added in the out of the money put option strikes of the February 25, 2021 expiry contract, indicating a positive bias for the index in today’s trade.

Tech Picks

Stock Reco. CMP (Rs) Target (Rs) Stop Loss (Rs) Note
Indus Tower Buy 278 292 267 Stock has given an inverse head and shoulder breakout on the daily chart.
Coal India Buy 144 150 139 Stock has given a cup & handle breakout on the hourly chart.
Cyient Buy 653 700 634 Stock has given a flag pattern breakout on the daily chart.

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity
Exchange Strategy
Gold (Apr) MCX Buy in range Rs 46,600-46,700; SL below Rs 46,500; target: Rs 46,900/47,100
Crude Oil (March) MCX Buy in range Rs 4,450-4460; SL: Rs 4,400; Target: Rs 4,520/4,560
Copper (March) MCX Buy in the range Rs 670-680; SL: Rs 660; Target: Rs 700/710

FX Technical
Analyst: Rupak De, Senior Research Analyst)


USD/INR Status: Likely to move towards 72 levels

Call for the day: Go short in March future around 72.80

Target: 72

Stop Loss: 73.1

GBP/INR Status: Likely to move towards 103.5 levels

Call for the day: Go long in March future around 102


Target: 103.5

Stop Loss: 101

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