Day trading guide for Thursday

IIFL

Technicals: By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst

Outlook on Nifty

Nifty index has witnessed a strong recovery from its 89 DEMA level and has formed a bullish candlestick pattern on the daily chart. The index future has witnessed heavy short covering during Wednesday’s trade, while on the options front, the PCR is giving positive signals after bouncing back from the oversold zone. We expect Nifty to continue to trade with a positive bias and test our immediate target price of Rs 14,800 during the April series.

Tech Picks

Stock	Reco.	CMP	Target	Stop Loss	Note
Bajaj Finserv	Buy	9750	10250	9300	Stock has given a double bottom breakout on the daily chart.
P&G Hygiene	Buy	13580	14200	13075	Stock has given a bullish Flag pattern breakout on the daily chart.
Tata Motors	Buy	302	315	295	Stock Future has witnessed short covering and has formed a bullish candlestick on the daily chart.

Commodity Calls
(Rupak De, Senior Research Analyst)

Commodity	Exchange	Strategy
Gold (June)	MCX	Buy in range 46400-46500 Stop loss: Below 46250 Target: 46700/46800
Crude Oil (April)	MCX	Buy in range 4460-4480 Stop loss: 4430 Target: 4560/4630
Copper (April)	MCX	Buy in the range 688-690 Stop loss: 684 Target: 700/707

Forex Technical
(Rupak De, Senior Research Analyst)

USD/ INR Status: Likely to move towards 76 levels
Call for the day: Go long in April future around 75.15
Target: 76
Stop Loss: 74.88

GBP/INR Status: Likely to move towards 105 levels
Call for the day: Go long in April future around 103.30
Target: 105
Stop Loss: 102.40