Day trading guide for Thursday

IIFL Securities

Technical view: Outlook on Nifty
Analyst: Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst
The Nifty index witnessed a positive day of trade on Wednesday as the index continued to witness short covering ahead of the April Expiry. The index has made a strong turn-around from its crucial 89 Dema support and is likely to regain its higher highs structure above the 14,984-mark in the coming days. Backed by a falling trendline breakout, we expect the Nifty to hit fresh lifetime high during the month of May.

Stock	Reco.	CMP (Rs)	Target (Rs)	Stop Loss	Note
Shriram Transport Fin	Buy	1,395	1,450	1,363	Stock has given a consolidation breakout on the daily chart.
HDFC Life	Sell May Fut	676	650	690	Stock future has added fresh short positions and has given a head & shoulder breakdown on the daily chart.
Bajaj Electricals	Buy	1,145	1,195	1,100	Stock has given a flag pattern breakout on the daily chart

F&O Strategy
Analyst: Rupak De, Senior Research Analyst
On the daily chart, Bank Nifty has moved up smartly as it formed a large green candle on the chart. However, the index has resistance around 33,900 where once again selling pressure may come in. On the options front, writers have a decent position unwind at 33,500 CE whereas they have maintained a strong position at 34,000CE, suggesting a possibility of near-term consolidation.


Trade (Intraday)
Buy 1 lot of Bank Nifty 29 April 33,500 CE @ Rs 343; Sell 2 lots Bank Nifty 29 April 33,700 CE @ Rs222
Buy 1 lot BANKNIFTY 29 April 33900CE @ Rs130
Net Premium outflow: Rs29/lot(debit/appx)
Stop Loss: Rs(-29)/lot (Debit/appx)
Target: Rs 150/lot (credit/appx)

Futures:
Buy Aurobindo Pharma May Future at Rs 962-965
Stop Loss: Rs 939
Target: Rs1,020.

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity	Exchange	Strategy
Gold (June)	MCX	Buy in range 47200-47100; SL: Below 47000; TGT: 47400/47600
Crude Oil (May)	MCX	Buy in range 4750-4770; SL: 4730; Target: 4860/4900
Copper (April)	MCX	Buy in the range 724-725; SL: 720; Target: 730/735

FX Technical
Analyst: Rupak De, Senior Research Analyst
USD/INR Status: Likely to move towards 75.50 levels
Call for the day: Go long in April future around 74.60
Target: 75.5
Stop Loss: 74.20

EUR/INR Status: Likely to move towards 91 levels
Call for the day: Go long in April future around 90
Target: 91
Stop Loss: 89.67