Technical view: Outlook on Nifty Bank
Analyst: Technicals: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Nifty Bank 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 along with select PSU bank stocks have added continued long positions during the January series, indicating a positive bias. The index has hit a fresh lifetime high after a gap of more than a year and has given a consolidation breakout on the hourly charts. We expect the index to gradually move higher up to 33,500 levels during the January series.
| Stock | Reco. | CMP (Rs) | Target (Rs) | Stop Loss (Rs) | Note |
| Quess Corp | Buy | 567 | 625 | 535 | Stock has given a Golden Crossover (89/200 Dema) and a consolidation breakout on the daily chart. |
| Bank of Baroda | Buy | 75 | 80 | 72 | Stock has given a Flag pattern breakout on the daily chart. |
| Bandhan Bank | Sell (Fut) | 377 | 360 | 392 | Stock has given a double top breakdown on the daily chart. |
F&O Strategy
Analyst: Rupak De, Senior Research Analyst
Axis Bank moved above its previous consolidation high on the daily chart suggesting a rise in optimism. The momentum indicator is having a positive crossover. On the option front, call writers have shifted their position from 680 strike to 700 and higher strike price, indicating a closing above 700 on expiry.
Trade
(Hold till expiry) Buy 1 lot Axis Bank 28 Jan 680CE @ Rs30
- Sell 1 lot Axis Bank 28 Jan 700 CE @ Rs 21
- Sell 1 lot Axis Bank 28 Jan 730CE @ Rs11
- Net Premium inflow Rs2/lot (credit/approx)
- Stop loss: Rs2/lot (Debit)
- Maximum Profit: Rs 22/lot (approx)
Futures:
Buy Apollo Tyre Jan Future at Rs 192-193
- Stop Loss: Rs 196.60
- Target: Rs 178
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Feb) | MCX | Buy in range 49,150-49250 SL: Below 49,000 Target: 49,400/49,550 |
| Crude Oil (Jan) | MCX | Sell in range 3,950-3,960 SL: 4,000 Target: 3,900/3,840 |
| Copper (Jan) | MCX | Sell in the range 612-613 SL: 617 Target: 607/602 |
Forex
Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 74 levels
- Call for the day: Go long in Jan future around 73.10
- Target: 74
- Stop Loss: 72.80
GBP/INR Status: Likely to move towards 101 levels
- Call for the day: Go long in Jan future around 100
- Target: 101
- Stop Loss: 99.49
