Day trading guide for Thursday's session

IIFL

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

Technical view: Outlook on Nifty

Nifty witnessed a volatile day of trade on Wednesday as across the board long unwinding weighed in. The index is showing a sign of fatigue after forming a spinning top and a bearish engulfing candlestick pattern on the daily chart and could see further profit booking as it has managed to close below its 20-Dema at 15,725 level. We expect the index to remain range-bound with ~15,600 level acting as a strong floor and 15,850 as a ceiling level during today’s trading session.

Tech Picks

Stock	Reco.	CMP	Target	Stop Loss	Note
GSPL	Buy	332	350	317	Stock has given a rising channel pattern breakout on the daily chart.
Timken	Buy	1541	1625	1488	Stock is trading in a strong higher top higher bottom chart structure and has given a consolidation breakout on the daily chart.
Orient Refractories	Buy	350	370	339	Stock has given a bullish flag pattern breakout on the daily chart along with an uptick in the volume.

Commodity Calls
Analyst: Rupak De, Senior Research Analyst

Commodity	Exchange	Strategy
Gold (Aug)	MCX	Sell in range 47150-47200 Stop loss above Rs 47260 Target price: Rs 46900/46750
Crude Oil (Jul)	MCX	Buy in range 5420-5440 Stop loss: Rs 5367 Target price: Rs 5470/5530
Copper (June)	MCX	Buy in the range Rs 710-711 Stop loss: Rs 707 Target price: Rs 722/728

Forex Technical
Analyst: Rupak De, Senior Research Analyst

USD/INR Status: Likely to move towards 74.70 levels

• Call for the day: Go long in June future around 74.20
• Target: 74.70
• Stop Loss: 74

GBP/INR Status: Likely to move towards 104.50 levels

• Call for the day: Go long in June future around 103
• Target: 104.5
• Stop Loss: 102.4