Nifty continues to stay directionless as sentiment stays weak amongst merchants. Index’s higher finish of the vary is sliding decrease and decrease from 15,300 to 14,800, whereas the decrease finish of the vary stays intact at 14250. This means that worth ought to breakout of its vary ultimately. The route of the value as per Elliot wave idea needs to be on the decrease facet and in the direction of 13,000 sub stage.
Top trading concepts
Analyst: Parag Shah, Technical Analyst, Research, Edelweiss Wealth Management
CMP: Rs 2,798
Target: Rs 3,000
SL: Rs 2,710
After forming a Double Bottom Pattern, costs are consolidating in a variety from Rs 2,800 on the upper facet and Rs 2,700 on the decrease facet. Prices have damaged this vary on the higher facet. An in depth above Rs 2,835 is more likely to witness additional momentum.
CMP: Rs 553.7
Target: Rs 610
Stop loss: Rs 531
ICICI Pru has given a breakout from a traditional Pole and Flag sample. This sample has resulted within the inventory breaking its earlier all-time highs. Volumes registered in the course of the formation of this sample was above common.
CMP: Rs 6,544
Target: Rs 6,100
Stop loss: Rs 6,725
Maruti has given a breakdown beneath its earlier swing lows. Despite a powerful pullback in costs after reporting gross sales numbers, the earlier swing excessive stays unconquered, which is a sign of aggressive brief positions which are nonetheless open.
Berger (May): SELL
CMP: Rs 706.3
Target: Rs 680
Stop loss: Rs 730
Berger Paint has given a break down from a rising pattern line drawn from its earlier swing bottoms. The inventory has did not breach its quick swing tops, which is an indication of bearishness
Analyst: Sagar Doshi – Technical Analyst, Research, Edelweiss Wealth Management
- FIIs lengthy publicity on index futures is at 2-month low. Their net position stands at 6k lengthy contracts. At the beginning of the sequence, FIIs web place stood at 52k lengthy contracts. In the final two trading classes, FII have unwounded 46k lengthy contracts. We count on indices to stay below strain till FII lengthy publicity begins growing.
- Option chain signifies Nifty trading vary between 14,400-14,800. If Nifty begins trading exterior this vary, we will see big momentum as a result of brief protecting by possibility sellers. The max ache stage is 14500.
Actionable: Sell Nifty 14500 straddle and purchase Nifty 14200 PE and 14800 CE.
Net Inflow: 180
Analyst: Munjaal Raval – Technical Analyst, Research, Forex & Rates, Edelweiss Wealth
USD-INR is shifting in the direction of its 61.8% Fibonacci retracement, which is positioned round 73.50.
Current Spot: 73.86
Call for the day: Buy on dips round 73.50
Stop Loss: 73.20
EUR-USD is approaching its essential multi-pivot help zone positioned round 1.1960.
Current Spot: 1.20
Call for the day: Buy on dips round 1.1960
Stop Loss: 1.1890
Analyst: Ankit Narshana, Commodity Analyst, Research, Edelweiss Wealth Management
- Buy Silver in vary Rs 70500-71000; Target: Rs 74800; cease loss: Rs 69600
- Buy MCX Copper above Rs 770; Target: Rs 785; cease loss: Rs 759
- Buy MCX Gold above Rs 47300; goal: Rs 48700; cease loss: Rs 46900