Day trading guide for Thursday

IIFL Securities

Technical view
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst

Outlook on Nifty
The Nifty index witnessed wild swings during Wednesday’s trade with the index futures continuing to add fresh long positions. The index has retraced ~200 per cent of its previous down move and is currently trading in a superstructure Wave 3 phase of the Elliot theory.


We expect the index to continue to face a marginal resistance at 12,800 level. However, as the overall structure continues to remain in the favour of bulls, a break above the mentioned resistance level could resume a fresh impulse move up to our eventual target price of ~13,400 by the end of 2020.

Tech Picks

Stock	Reco.	CMP	Target (Rs)	Stop Loss (Rs)	Note
Bajaj Electricals	Buy	518	535	505	Stock has given a consolidation breakout on the daily chart.
Minda Industries	Buy	367	385	355	Stock has given a triangle pattern breakout on the daily chart.
Hindalco	Buy	204	212	196	Stock has given a bullish inverse head & shoulder breakout on the weekly chart.

Commodity calls
Analyst: Rupak De, Senior Research Analyst

Commodity	Exchange	Strategy
Gold (Dec)	MCX	Buy in the range Rs 50,200-50250 Stop loss below: Rs 50,000 Target: Rs 50,400/50,550
Crude Oil (Nov)	MCX	Buy in the range Rs 3,080-3,100 Stop loss: 3000 Target: Rs 3,200/3,250
Copper (Nov)	MCX	Sell in the range Rs 536-537 Stop loss: Rs 540 Target: Rs 530/526

Forex Technical
Analyst: Rupak De, Senior Research Analyst

USDINR Status: Likely to move towards 75.50 levels

• Call for the day: Go long in Nov future around 74.20
• Target: 75.50
• Stop Loss: 73.70

GBPINR Status: Likely to move towards 99.50 levels

• Call for the day: Go long in Nov future around 98.10
• Target: 99.5
• Stop Loss: 97.40