Day trading guide for Thursday

IIFL Securities

Outlook on Nifty Bank
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty Bank index finally saw an uptick on Wednesday, ending its losing streak of six consecutive trading sessions. The index future witnessed heavy unwinding of short positions as across the board short covering weighed in. On the options front, a significant amount of short gamma positions has been added in the out of the money put option strikes of the February 25, 2021 expiry contract, indicating a positive bias for the index in today’s trade.

Tech Picks

Stock	Reco.	CMP (Rs)	Target (Rs)	Stop Loss (Rs)	Note
Indus Tower	Buy	278	292	267	Stock has given an inverse head and shoulder breakout on the daily chart.
Coal India	Buy	144	150	139	Stock has given a cup & handle breakout on the hourly chart.
Cyient	Buy	653	700	634	Stock has given a flag pattern breakout on the daily chart.

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity	Exchange	Strategy
Gold (Apr)	MCX	Buy in range Rs 46,600-46,700; SL below Rs 46,500; target: Rs 46,900/47,100
Crude Oil (March)	MCX	Buy in range Rs 4,450-4460; SL: Rs 4,400; Target: Rs 4,520/4,560
Copper (March)	MCX	Buy in the range Rs 670-680; SL: Rs 660; Target: Rs 700/710

FX Technical
Analyst: Rupak De, Senior Research Analyst)

USD/INR Status: Likely to move towards 72 levels
Call for the day: Go short in March future around 72.80
Target: 72
Stop Loss: 73.1

GBP/INR Status: Likely to move towards 103.5 levels
Call for the day: Go long in March future around 102
Target: 103.5
Stop Loss: 101