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Day trading guide for Friday - TechiLive.in

Day trading guide for Friday

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Kotak Securities


In the past, whenever the market has opened lower on the day of the weekly expiry of contracts, Nifty has closed in the negative territory with a hefty loss. Wednesday’s session saw a similar trend as the benchmark indices closed in red with a loss of over 1 per cent. There was heavy unwinding in long positions of metal stocks, while auto, pharma and midcaps saw selective buying. The index has formed a bearish continuation formation. However, as the market is range-bound, till Nifty/Sensex does not close below the levels of 14,600/48,400, we could do a pullback towards 14,800/49,000 levels. The focus should be on cements, PSU banks and auto stocks if the market remains strong. Buy metal stocks if the market drops to 14,500/48,100 levels.

Tech Picks

Analyst: Shrikant Chouhan, Executive Vice President – Technical Research

Hindalco: BUY

CMP: Rs 398.8

Target price: Rs 410

Stop loss: Rs 392

After a reversal formation from its important retracement zone, the stock closed above its 20-day EMA on the daily chart, indicating bullish continuation.

DLF: BUY

CMP: Rs 265.3

Target Price: Rs 275

Stop loss: Rs 260

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A breakout from the ascending triangle chart formation is very likely for a fresh-up move in the near term.

ONGC: BUY

CMP: Rs 115.1

Target price: Rs 119

Stop loss: Rs 112

The incremental volume activity in the recent past indicates a strong fresh breakout from the symmetrical triangle chart pattern.

Motherson Sumi: BUY

CMP: Rs 235.9

Target price: Rs 243

Stop loss: Rs 232

The stock is trading in an ascending channel with a higher high and higher low chart formation on the daily chart.

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F&O Strategy

Sahaj Agrawal, Head of Research – Derivatives

Futures:

May Futures: BUY at Rs 14,335;

Stop loss: Rs 13,800

Target price: Rs 14,900

Trendline breakout seen above Rs 14,300 on spot.

Options:
Nifty Bull Call Spread: 27 May- SERIES:

Buy 14,700 CE at 230 and Sell 15,000 CE at 100;

Premium Outflow: 130

Stop loss: 60

Target: 250

Nifty trend bullish above 14,400 on spot. With market breadth remaining positive, it can retest 15,000+ levels.

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Forex & Interest Rate Technical

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives


USD-INR May Futures: Sell between 73.75/85; stop loss: 74.05; target: 73.30/10

GBP-INR May Futures: Buy between 103.50/103.70; stop loss: 102.80; target: 105.00/105.30

GBP-USD May Futures: Buy between 1.4080/1.4100; stop loss: 1.3970; target: 1.4250/1.4300

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Commodity Calls

Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

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