Stocks

Day trading guide for Wednesday

Securities

Index: Nifty

Outperformance of Financial institution Nifty continued in opposition to Nifty because the ratio chart gave a flat breakout. We count on this outperformance to proceed for a while now. As soon as Financial institution Nifty crosses 35,000 on the upside, count on 38,500 as the following goal degree. Nifty as per earlier historic information might stay within the vary for every week or so earlier than it resumes its uptrend.

Prime buying and selling concepts
Analyst: Parag Shah – Technical Analyst, Analysis, Edelweiss Wealth Administration

Torrent Pharma: BUY

  • CMP: Rs 2,582
  • Goal: Rs2,700
  • Cease loss: Rs 2,500

Torrent Pharma has given a reversal close to its earlier mini swing backside spherical Rs 2,510. The inventory has additionally moved away from its transferring common and therefore a pullback to ranges of Rs 2,700 can’t be dominated out.

DLF: BUY

  • CMP: Rs 297.35
  • Goal: Rs 320
  • Cease loss: Rs 285

has given a robust swing transfer upwards after finishing its first spherical of correction. It might face minor resistance round Rs 300 ranges and will see a recent up transfer as soon as this degree is breached.


Solar Pharma: BUY

  • CMP: Rs 609.85
  • Goal: Rs 650
  • Cease loss: Rs 588

Solar Pharma has bounced again after taking assist close to its earlier swing backside round Rs 550. The inventory has additionally given a breakout above the falling trendline. The inventory has additionally managed to shut above its earlier swing excessive of Rs 600.

MGL: BUY

  • CMP: Rs 1081
  • Goal: Rs 1,150
  • Cease loss: Rs 1,050

MGL has fashioned a better swing backside at Rs 1,030 in opposition to Rs 1,015. The inventory has additionally given a observe by means of to this increased swing backside. A detailed above Rs 1,090 would give additional momentum to check ranges of Rs 1,120-1,150.

F&O Tracker
Analyst: Sagar Doshi – Technical Analyst, Analysis, Edelweiss Wealth Administration

  • Now we have seen huge quick overlaying by FIIs on the day of the Finances as they’ve lined 15,000 quick contracts and added 12,000 lengthy contracts on index futures. In inventory futures, they’ve added 14,000 lengthy contracts.
  • Within the final two days, the Nifty has gained nearly 1,000 factors and now we are able to see some consolidation going forward. Possibility information suggests 14,500 will present assist on draw back. Due to this fact, any deep in direction of 14,500 will doubtless get purchased into. On the upside 15,000 would be the key resistance degree.

Actionable: Nifty

Promote 14700 straddles (each CE & PE) at a present unfold of 200. Purchase 14,400 PE @ 21 and 14,950 CE @ 19.

  • Internet unfold: 160
  • SL: 280
  • Goal: 30

Foreign exchange Technical
Analyst: Munjaal Raval – Technical Analyst, Analysis, Foreign exchange & Charges, Edelweiss Wealth

USD-INR Standing:

USD-INR is approaching its earlier backside assist which is positioned close to 72.80 degree.

  • Present Spot: 72.95
  • Name for the day: Purchase on dips round 72.80
  • Goal: 73.50
  • Cease Loss: 72.50

GBP-USD Standing:
GBP-USD
continues with its upward momentum.

  • Present Spot: 1.3660
  • Name for the day: Purchase on dips round 1.3620
  • Goal: 1.38
  • Cease Loss: 1.3540

Commodities
Analyst: Ankit Narshana, Commodity Analyst, Analysis, Edelweiss Wealth Administration


Purchase MCX copper round 605

  • Goal: 620
  • Cease loss: 590

Promote MCX gold round 48500

  • Goal: 47800
  • Cease loss: 49000

Purchase MCX silver round 70000

  • Goal: 74000
  • Cease loss: 68500

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