Technical view: Outlook on Nifty Bank
Analyst: Technicals: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Nifty Bank index witnessed a constructive day of commerce throughout the Wednesday’s session and is trading in a robust greater prime greater backside chart construction. Majority of its constituents together with choose PSU bank shares have added continued lengthy positions throughout the January collection, indicating a constructive bias. The index has hit a recent lifetime excessive after a niche of greater than a yr and has given a consolidation breakout on the hourly charts. We count on the index to regularly transfer greater as much as 33,500 ranges throughout the January collection.
Stock | Reco. | CMP (Rs) | Target (Rs) | Stop Loss (Rs) | Note |
Quess Corp | Buy | 567 | 625 | 535 | Stock has given a Golden Crossover (89/200 Dema) and a consolidation breakout on the every day chart. |
Bank of Baroda | Buy | 75 | 80 | 72 | Stock has given a Flag sample breakout on the every day chart. |
Bandhan Bank | Sell (Fut) | 377 | 360 | 392 | Stock has given a double prime breakdown on the every day chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
Axis Bank moved above its earlier consolidation excessive on the every day chart suggesting an increase in optimism. The momentum indicator is having a constructive crossover. On the choice entrance, name writers have shifted their place from 680 strike to 700 and better strike value, indicating a closing above 700 on expiry.
Trade
(Hold until expiry) Buy 1 lot Axis Bank 28 Jan 680CE @ Rs30
- Sell 1 lot Axis Bank 28 Jan 700 CE @ Rs 21
- Sell 1 lot Axis Bank 28 Jan 730CE @ Rs11
- Net Premium influx Rs2/lot (credit score/approx)
- Stop loss: Rs2/lot (Debit)
- Maximum Profit: Rs 22/lot (approx)
Futures:
Buy Apollo Tyre Jan Future at Rs 192-193
- Stop Loss: Rs 196.60
- Target: Rs 178
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
Commodity | Exchange | Strategy |
Gold (Feb) | MCX | Buy in vary 49,150-49250 SL: Below 49,000 Target: 49,400/49,550 |
Crude Oil (Jan) | MCX | Sell in vary 3,950-3,960 SL: 4,000 Target: 3,900/3,840 |
Copper (Jan) | MCX | Sell within the vary 612-613 SL: 617 Target: 607/602 |
Forex
Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to maneuver in the direction of 74 ranges
- Call for the day: Go lengthy in Jan future round 73.10
- Target: 74
- Stop Loss: 72.80
GBP/INR Status: Likely to maneuver in the direction of 101 ranges
- Call for the day: Go lengthy in Jan future round 100
- Target: 101
- Stop Loss: 99.49