Index: Nifty
US indices, Dow Jones, in particular are close to achieving its 200% Fibonacci extension level, while Nasdaq is showing signs of exhaustion near its peak, which was formed on 16 Feb. Confluence of these factors suggests that Nifty may take a breather at current levels and consolidate for some time before posting the next leg of the rally.
Top trading ideas
Analyst: Parag Shah – Technical Analyst, Research, Edelweiss Wealth Management
Carborundum Universal: BUY
CMP: Rs 594
Target: Rs 640
SL: Rs 573
The stock has given a follow through to the breakout from previous consolidation range of Rs 550 470. A move above Rs 610 will give further impetus to the stock.
Concor: BUY
CMP: Rs 613
Target: Rs 670
SL: Rs 585
A close above Rs 595 has ensured that the stock has broken out from the fall trend line resistance. The stock has also given a breakout from a trading range of Rs 610-540, which was active since March 2021.
Federal Bank: BUY
CMP: Rs 81.9
Target: Rs 90
SL: Rs 77
has retested its previous swing low at Rs 70. The stock has also given a confirmation of a double top breakout. Currently, the stock has given a follow through to this Double bottom breakout.
Infosys (May): SELL
CMP: Rs 1,338
Target: Rs 1,275
Stop loss: Rs 1,370
Long positions have been trapped higher as the stock slipped from levels of Rs 1,440 to Rs 1335. Since then the stock has been trading in a narrow range from Rs 1,375 on the higher side and Rs 1,330 on the lower side. A close below Rs 1,330 will bring the bears in action.
F&O Tracker
Analyst: Sagar Doshi – Technical Analyst, Research, Edelweiss Wealth Management
Since the beginning of May series, FIIs activity has turned bearish in the derivative segment. They have added 50k net short contracts in index futures. The net position stands at 1.5k long contracts.
- On the option front, 15,000 level will be the crucial resistance for Nifty on the upside. This strike has maximum call open interest. On the downside, 14,700 will act as a support.
- PSU stocks are witnessing long buildup in the futures segment. , , NTPC has maximum long buildup
Actionable: NTPC
Buy NTPC 115 CE @ 3.05
SL: 1
Target: 8
FX Technical
Analyst: Munjaal Raval – Technical Analyst, Research, Forex & Rates, Edelweiss Wealth
USD-INR Status: USDINR is approaching critical support of the 73.20 zone.
Current Spot: 73.34
Call for the day: Buy on dips around 73.20
Target: 74.00
Stop Loss: 72.95
EUR-USD Status: EUR-USD resumes its upward move after finding support near 1.20 handle.
Current Spot: 1.2130
Call for the day: Buy on dips around 1.21
Target: 1.23
Stop Loss: 1.1990
Commodities
Analyst: Ankit Narshana, Commodity Analyst, Research, Edelweiss Wealth Management
- Buy MCX Silver only above Rs 71,800 for the target of Rs 74,800; stop loss: Rs 71,100
- Buy MCX Gold above Rs 48,200 for the target of Rs 49,000; stop loss: Rs 47,850
- Sell MCX Copper on rise at Rs 800; target: Rs 760; stop loss: Rs 815
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