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Stocks for day trading: Day trading guide for Wednesday

Securities


Index: Nifty
The Nifty continues to seek out assist at 50 DMA and resistance at 20 DMA. This can be a clear indecision so far as short-term tendencies are involved. On the candlestick sample as properly, a Harami sample on day by day chart can also be signalling an indecision and requires affirmation above Monday excessive or under Monday low. We anticipate the worth to slip decrease in direction of 14,600 as soon as it goes under 14,810.

High buying and selling concepts

Analyst: Parag Shah – Technical Analyst, Analysis, Edelweiss Wealth Administration


Chola Fin: BUY

  • CMP: Rs 540.65
  • Goal: Rs 585
  • Cease loss: Rs 524

The inventory is ripe for a transfer to Rs 560, which is the earlier swing resistance. As soon as this degree is taken out, the inventory would head larger to check ranges of Rs 585-600. A powerful base round Rs 520 could be the bottom for this rally.

MCX: BUY

  • CMP: Rs 1,580.9
  • Goal: Rs 1,700
  • Cease loss: Rs 1,515

has fashioned a powerful base round Rs 1,500. It has damaged the higher finish of the channel, indicating {that a} agency up transfer in direction of Rs 1,700 can’t be ignored.

Godrej CP (Mar): SELL

CMP: Rs 678

Goal: Rs 635

Cease loss: 706

Godrej CP has damaged down after forming a traditional down flag sample. The breakout has additionally seen a comply with by means of, reinforcing bearish outlook.

Voltas (Mar): SELL

CMP: Rs 1,035

Goal: Rs 960

Cease loss: Rs 1,075

Voltas has discovered it tough to cross the Rs 1,100-mark. It has damaged its swing low of Rs 1,040, indicating a change of the pattern on the draw back.

F&O Tracker

Analyst: Sagar Doshi – Technical Analyst, Analysis, Edelweiss Wealth Administration

Each indices continued to witness quick construct up within the futures section. FIIs lengthy publicity on index futures at lowest degree since October 2020. In inventory futures, FII web lengthy contracts at 3-years low. FIIs information is pointing in direction of distribution at present degree.

Each the indices are buying and selling in a slender vary with large volatility. Resulting from small buying and selling vary, India VIX continued to make decrease lows and closed at degree of 20.2. Till the VIX closes under 20, there’s a larger probability of volatility getting elevated than subdued.

Actionable: Nifty Financial institution
Purchase 35,000 straddle @ 740 with cease lack of 420 and goal of 1300; Expiry: 18 March

FX Technical

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


USD-INR Standing: USD-INR finds assist close to the 72.37 degree the place the earlier backside was positioned.

Present Spot: 72.55

Name for the day: Purchase on dips round 72.40

Goal: 73.50

Cease Loss: 72.00

EUR-USD Standing: EUR-USD is approaching its speedy assist zone positioned round 1.19 deal with.

Present Spot: 1.1935

Name for the day: Purchase on dips round 1.19

Goal: 1.22

Cease Loss: 1.18

Commodities

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

  • Purchase MCX silver above Rs 67,800; goal: Rs 69,500; cease loss: Rs 67,300
  • Promote MCX copper under Rs 672; goal: Rs 650; cease loss: Rs 681
  • Purchase MCX gold above Rs 45,000; goal: Rs 45,700; cease loss: Rs 44,700

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