Index: Nifty
Nifty has ended at record highs after advancing over 600 points in the last five trading days. Since the start of this week, the Nifty has entered a fresh buy zone with upside targets of 14,200. Downward movement on the index would commence only after a closing below 13,700.
Top trading ideas
Analyst: Sagar Doshi – Technical Analyst, Research Edelweiss Wealth Management
IGL: BUY
- CMP: Rs 511
- Target: Rs 570
- Stop loss: Rs 480
- The stock has broken out of the trading range of Rs 500-470. Volumes on breakout are above average, adding to the confidence in the breakout. Positive crossover in the RSI also indicates that positive momentum should continue.
Naukri: BUY
- CMP: Rs 4,703
- Target: Rs 4,950
- Stop loss: Rs 4,600
- Naukri has been a consistent outperformer in the IT Space. After posting a decent run up from levels of Rs 4,500, the stock has given a breakout after giving a minor correction.
HDFC: BUY
- CMP: Rs 2,519
- Target: Rs 2,700
- Stop loss: Rs 2,400
- HDFC has been able to conquer its pre-Covid highs. The stock has posted a nice run up after taking supports at Rs 2,350 level. The stock has also broken its previous swing high of Rs 2,500, suggesting positive momentum in the stock could continue. The stock has also given a breakout on the weekly time frame.
Bajaj Finance: BUY
- CMP: Rs 5,200
- Target: Rs 5,800
- Stop loss: Rs 5,000
- The stock has given a smart pullback post a shallow correction. A close above its recent swing high (Rs 5,310) would trigger a fresh round of upside in the stock.
F&O Tracker
Analyst: Sagar Doshi – Technical Analyst, Research, Edelweiss Wealth Management
FIIs’ stance continues to be bullish on Indian markets. They have pumped in Rs 43,000 crore in the cash market in the month of December so far. In the month of November, this figure was Rs 65,000 crore. In index futures and stock futures, FIIs are net bullish. On the option front, 14,000 strike will be resistance for any upside as this strike has maximum call open interest. On the downside 13,700 strike has maximum Put open interest. The max pain level is 13,800.
Actionable
Buy Bank Nifty 31,500 CE @ 194 and Sell 32,000 CE @ 48.
- Net Spread: 146
- Stop loss: 40
- Target: 350
Forex Technical
Analyst: Munjaal Raval – Technical Analyst, Research, Forex & Rates, Edelweiss Wealth
USD-INR Status
USD-INR is moving towards its critical support zone, which is placed around 73.00 handle.
- Current Spot: 73.43
- Call for the day: Buy on dips around 73.10
- Target: 74.00
- Stop Loss: 72.80
GBP-USD Status
GBP-USD has reversed after finding support near 1.32 handle where the rising trend line is placed.
- Current Spot: 1.3450
- Call for the day: Buy on dips around 1.34
- Target: 1.37
- Stop Loss: 1.33
Analyst: Ankit Narshana, Commodity Analyst, Research, Edelweiss Wealth Management
Buy MCX copper above Rs 613
- Target: Rs 625
- Stop loss: Rs 606
Buy MCX silver above Rs 68,700
- Target: Rs 69,800
- Stop loss: Rs 68,100
Buy MCX gold above Rs 50,250
- Target: Rs 51,380
- Stop loss: Rs 49,950
