Technical view: Outlook on Nifty Bank
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty Bank index finally took a breather on Wednesday’s trading session, after posting mammoth ~17% gains during the previous week. The index future witnessed marginal unwinding of long positions as across the board profit booking weighed in. On the options front, a significant amount of short gamma positions has been added in out of the money call option strikes of February 11, 2021 weekly option contract, hinting a limited upside for the index in today’s trading session.
Tech Picks
| Stock | Reco. | CMP | Target | Stop Loss | Note |
| Indiabulls Housing Finance | Buy | 231 | 250 | 217 | Stock is on the verge of giving a consolidation breakout. |
| Deepak NTR | Buy | 1070 | 1125 | 1040 | Stock has given a flag pattern breakout on the daily chart. |
| TTK Prestige | Buy | 6900 | 7500 | 6350 | Stock has given an inverse head & shoulder breakout on the daily chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
The price of Lupin has moved up above 21 EMA on the daily chart and so far has sustained above on the daily timeframe. The momentum indicator RSI is in a positive crossover. On the option front, call writers have shed some position in the strikes of 1,080 and 1,100, indicating a possible closing above 1,100 on expiry.
Trade: Hold till expiry: 25th Feb 2021
Buy 1 lot Lupin 25 Feb 1080 CE @ Rs 35
Sell 1 lot Lupin 25 Feb 1100 CE @ Rs 27
Sell 1 lot Lupin 25 Feb 1130 CE @ Rs 19
Net Premium inflow: Rs 11/lot (debit/appx)
Stop Loss (if any): Rs 6/lot (debit)
Target: Rs 21/lot (appx)
Futures: Sell Airtel Feb Future at Rs 590-593
Stop loss: Rs 600
Target: Rs 571
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Apr) | MCX | Buy in range 48000-48100; SL: Below 47900; Target: 48400/48550 |
| Crude Oil (Feb) | MCX | Sell in range 4250-4270; SL 4300; Target: 4150/4050 |
| Copper (Feb) | MCX | Buy in the range 625-630; SL: 620; Target: 640/645 |
FX Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 73.50 levels
Call for the day: Go long in Feb future around 72.60
Target: 73.50
Stop loss: 72.30
GBP/INR Status: Likely to move towards 102 levels
Call for the day: Go long in Feb future around 100.6
Target: 102
Stop loss: 100
