Index: Nifty
Nifty ended at a 4 day high yesterday – with broader market still having its shine on. The resistance zone playing at 15150 mark and a break above the same would allow further momentum on Nifty. Current set up allows the ongoing trend to continue for 15400 on the index and the actionable trade is given as under on Nifty.
Top trading ideas
Analyst: Parag Shah – Technical Analyst, Research, Edelweiss Wealth Management
HDFC Life: BUY
- CMP: 740
- Target: 800
- Stop loss: 714
The stock has been trading range from a range from 735 on the higher side and 690 on the lower side. The stock has broken from this range indicating a move after a compression.
Infosys: BUY
- CMP: 1345
- Target: 1420
- Stop loss: 1300
After making a swing top around 1400, Infy started to consolidate and make a base around 1250 – 1200 levels and formed a lower swing top at 1350.Infy has now broken above the same and seems to be heading towards its earlier highs.
EID Parry: BUY
- CMP: 355
- Target: 380
- Stop loss: 340
EID Parry has formed a firm base around 320 and post that the stock has also formed an intermediate swing high around 350. The stock has now given a follow through buy to the base formation, also broking the swing high.
Godrej CP (Mar): SELL
- CMP: 684
- Target: 635
- Stop loss: 708
Recently Godrej CP made an attempt to break above the upper end of the trading channel at 710, but was unsuccessful. Stock has currently cracked below the lower end of the trading channel indicating further weakness.
F&O Tracker
Analyst: Sagar Doshi – Technical Analyst, Research, Edelweiss Wealth Management
- FIIs positioning on index futures is at a crucial juncture. Their net position stand at 10k long contracts (from 50k long contracts last week). If index continues to make higher highs and sustain above 15200, we can see some sharp short covering and broader market participation. Also in October month similar scenario played out when indices started their up move.
- The volatility index, India VIX, falls off 9% yesterday and closed at 22.4 level. We expect volatility to subdue in coming days.
Actionable:
Nifty: Buy Nifty 15100 CE at 210
- Stop loss: 140
- Target: 350.
- Expiry: 18th March
Forex Technical
Ananlyst: Munjaal Raval – Technical Analyst, Research, Forex & Rates, Edelweiss Wealth
USDINR Status: USDINR is moving towards immediate support of 72.75 level.
- Current Spot: 72.93
- Call for the day: Buy on dips around 72.75
- Target: 73.50
- Stop Loss: 72.50
GBPUSD Status: GBPUSD is hovering near its critical support of 1.3830 level where 61.8% Fibonacci retracement of the previous up-move is placed.
- Current Spot: 1.3840
- Call for the day: Buy on dips around 1.3830
- Target: 1.42
- Stop Loss: 1.3730
Commodity calls
Analyst: Ankit Narshana, Commodity Analyst, Research, Edelweiss Wealth Management
Sell MCX Silver at Rs 66600
- Target: Rs 63500
- Stop loss: 67750
Sell MCX copper at Rs 680
- Target: Rs 640
- Stop loss: 710
Sell MCX Gold at Rs 44472
- Target: Rs 43000
- Stop loss: Rs 46000
