Nifty: Day trading guide for Thursday’s session
Technicals: By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
Technical view: Outlook on Nifty
Nifty witnessed a volatile day of trade on Wednesday as across the board long unwinding weighed in. The index is showing a sign of fatigue after forming a spinning top and a bearish engulfing candlestick pattern on the daily chart and could see further profit booking as it has managed to close below its 20-Dema at 15,725 level. We expect the index to remain range-bound with ~15,600 level acting as a strong floor and 15,850 as a ceiling level during today’s trading session.
Tech Picks
| Stock | Reco. | CMP | Target | Stop Loss | Note |
| GSPL | Buy | 332 | 350 | 317 | Stock has given a rising channel pattern breakout on the daily chart. |
| Timken | Buy | 1541 | 1625 | 1488 | Stock is trading in a strong higher top higher bottom chart structure and has given a consolidation breakout on the daily chart. |
| Orient Refractories | Buy | 350 | 370 | 339 | Stock has given a bullish flag pattern breakout on the daily chart along with an uptick in the volume. |
Commodity Calls
Analyst: Rupak De, Senior Research Analyst
| Commodity | Exchange | Strategy |
| Gold (Aug) | MCX | Sell in range 47150-47200 Stop loss above Rs 47260 Target price: Rs 46900/46750 |
| Crude Oil (Jul) | MCX | Buy in range 5420-5440 Stop loss: Rs 5367 Target price: Rs 5470/5530 |
| Copper (June) | MCX | Buy in the range Rs 710-711 Stop loss: Rs 707 Target price: Rs 722/728 |
Forex Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 74.70 levels
- Call for the day: Go long in June future around 74.20
- Target: 74.70
- Stop Loss: 74
GBP/INR Status: Likely to move towards 104.50 levels
- Call for the day: Go long in June future around 103
- Target: 104.5
- Stop Loss: 102.4
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