Technical view: Outlook on Nifty
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty index witnessed a positive day of trade during the Wednesday’s session and is trading in a strong higher top higher bottom chart structure. Majority of its constituents have added continued long positions during the January series, indicating a positive bias. The index has given a consolidation breakout on the hourly chart and has hit a fresh lifetime high. We expect the index to gradually move higher up to our immediate target price of 15,000 during the January series.
| Stock | Reco. | CMP | Target | Stop Loss | Note |
| Bosch | Buy | 15,882 | 16,550 | 15,350 | Stock has given a Golden Crossover (89/200Dema) and an inverse head & shoulder breakout on the daily chart. |
| AIA ENG | Buy | 2,180 | 2,250 | 2,135 | Stock has given a flag pattern breakout on the daily chart. |
| Sun TV | Buy | 525 | 550 | 510 | Stock has given an inverse head & shoulder breakout on the weekly chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
The price of Reliance moved up after a consolidation on the weekly timeframe, suggesting a rise of optimism. The momentum indicator RSI is in a positive crossover. On the option front, call writers have started unwinding positions in the crucial strike of 2,100, indicating a higher closing on expiry from the current level.
Trade:
Hold till expiry: Buy 1 lot Reliance 28 Jan 2080 CE @ Rs 33
- Sell 1 lot Reliance 28 Jan 2100 CE @ Rs 26
- Net Premium outflow: Rs7/lot (debit/approx)
- Maximum Loss: Rs7/lot (approx)
- Maximum Profit: Rs 13/lot (approx)
Futures:
Buy Cipla Jan Future at Rs 830-832
- Stop Loss: Rs 809
- Target: Rs 900
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Feb) | MCX | Buy in range 49050-49100 SL: Below 48800 Target: 49400/49500 |
| Crude Oil (Feb) | MCX | Buy in range 3850-3870 SL: 3750 Target: 3970/4040 |
| Copper (Jan) | MCX | Buy in the range 611-612 SL: 607 Target: 617/622 |
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 72.6 levels
Call for the day: Go short in Jan future around 73.30
- Target: 72.60
- Stop Loss: 73.60
EUR/INR Status: Likely to move towards 90 levels
Call for the day: Go long in Jan future around 88.80
