The market after hovering around 14,300 levels surged above 14,500 on Thursday, which is a positive for the market. On the day of the weekly expiry of index options, the Nifty/Sensex closed at the highest point of the day. For the second time, the Nifty and Sensex managed to close above the levels of 14,450 and 48,550, respectively. By forming a bullish continuation on a daily basis, the market has opened the possibilities of hitting 14,850/50,100, where it has resistance of upward barrier of the rectangle consolidation. The lower boundary of the trading range is at 14,250/47,690 levels.
The Bank Nifty also closed at the highest point of the day due to unusual strength in private banks. The value buying emerged in technology companies and select stocks closed at the highest point of the day. On Friday, the strategy should be to buy on dips. The buying range should be 14,530 to 14,480. Keep a final stop loss at 14,350 for the same.
Tech Picks
Analyst: Shrikant Chouhan, Executive Vice President – Technical Research
DMart: BUY
CMP: Rs 2,928.9
Target: Rs 3,010
Stop loss: Rs 2,880
A bullish reversal candlestick formation is evident at its multiple support zone along with incremental volume activity on the daily chart.
SBI: BUY
CMP: Rs 342.7
Target: Rs 356
Stop loss: Rs 335
The stock has reversed from its important retracement area, creating a favourable risk and reward scenario for the counter at the current juncture.
Jubilant FoodWorks: BUY
CMP: Rs 2,771.3
Target: Rs 2,850
Stop loss: Rs 2,725
Post correction, the stock is trading in its demand zone. Subsequently, candlestick patterns indicate bullish activity at the lower range.
Bajaj FInserv: BUY
CMP: Rs 9,739.7
Target: Rs 10,050
Stop loss: Rs 9,590
The stock is trading in an Ascending Triangle chart pattern along with strong candlestick formations, which specifies a breakout in the near term.
F&O Strategy
Analyst: Sahaj Agrawal, Head of Research – Derivatives
Futures: BUY Futures-April at 435
SL: 415
Target: 470
Falling Channel breakout seen above 430 on spot.
Options: Nifty Short Strangle: 22 Apr-21 Series: Sell 14,900 CE at 35 and Sell 14,200 PE at 60
Premium Inflow: 95
Stop loss: 150
Target: 30
The Nifty is expected to trade within a range between 14,250 and 14,850 over the next few days. In this situation, a Short Strangle is apt.
Forex & Interest Rate Technical
Analyst: Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives
- USD-INR: Sell between 75.40/70; TP: 74.50/20; SL: 75.90
- GBP-INR: Buy between 103.25/40; TP: 103.90/104.10; SL: 102.95
- EUR-INR: Sell between 90.35/50; TP: 89.50/30; SL: 90.85
Commodity Calls
Analyst: Ravindra Rao, VP- Head Commodity Research
| Commodity | Exchange | Strategy (figures in Rs) |
| Gold (June) | MCX | Buy at 46,500/46,400; TP: 47,300/47,500; SL: 46,100 |
| Crude Oil (Apr) | MCX | Buy at 4,650/4,620; TP: 4,820/4,850; SL: 4,520 |
| Copper (Apr) | MCX | Buy at 710/709; TP: 720/723; SL: 704 |
| RSO (May) | NCDEX | Buy at 1,345/1,340; TP: 1,370/1,380; SL: 1,330 |
