The Nifty is buying and selling round a long-term goal of 14,450, which is a 200% extension for the reason that inception of the index. A month-to-month shut beneath the identical will point out a pause or correction within the index. However, the Financial institution Nifty nonetheless has room to go larger in direction of 33,500. Thus, we suggest to commerce financial institution nifty on the lengthy aspect relatively than the Nifty.

Prime buying and selling concepts

Analyst: Sagar Doshi – Technical Analyst, Analysis Edelweiss Wealth Administration

MFSL: BUY

• CMP: Rs 710
• Goal: Rs 765
• Cease loss: Rs 690
• MFSL has bounced again after taking help close to the 20-day EMA. Additionally, this bounceback has ensured that brief positions are trapped at decrease ranges. Brief protecting may carry one other spurt in costs, which may take a look at ranges of Rs 750-760.

REC: BUY

• CMP: Rs 147.50
• Goal: Rs 158
• Cease loss: Rs 143
• REC has given a breakout above its earlier swing excessive of Rs 146. Costs taking help at shorter time period transferring averages can be an indication of bullishness.

Bajaj Auto: BUY

• CMP: Rs 3,630
• Goal: Rs 3,850
• Cease loss: Rs 3,525
• Bajaj Auto was in a position to take in all of the promoting strain previously couple of buying and selling classes as costs bounced again after taking help at Rs 3,500 ranges. Presently, the inventory has given a swing breakout by closing above the earlier swing excessive of Rs 3,630.

Torrent Energy: BUY

• CMP: Rs 340
• Goal: Rs 365
• Cease loss: Rs 330
• The inventory was in a position to put up a wise restoration after being battered right down to its short-term transferring averages. As soon as costs are in a position to cross ranges of Rs 344, the inventory would give a wise rally upwards.

F&O Tracker
Analyst: Sagar Doshi – Technical Analyst, Analysis, Edelweiss Wealth Administration


FIIs unwound 42,000 lengthy contracts final week. Nonetheless, FIIs stance on index futures is bullish as they’ve 45,000 web open lengthy contracts. In inventory futures, we have now seen lengthy additions by FIIs.
On choice entrance, 14,400 strike and 14,500 strike witnessed brief protecting by name writers yesterday. Now, we anticipate 14,400 to behave as enormous help for any draw back for this sequence. On the upside, 14,700 ranges will act as a resistance.

The India VIX has gained 15% final week. Nonetheless, yesterday VIX fell 6% . We must always maintain an eye fixed for closing above 25 on India Vix for any substantial enhance in volatility.

Actionable:

Purchase Financial institution Nifty 32,500 CE @ 231 and Promote 32800 CE @ 104.

• Web Unfold: 127
• Cease loss: 40
• Goal: 250

Foreign exchange Technical
Analyst: Munjaal Raval, Technical Analyst, Analysis, Foreign exchange & Charges, Edelweiss Wealth


USD-INR Standing:

USD-INR is approaching its vital help zone of 73.00 deal with.

• Present Spot: 73.17
• Name for the day: Go lengthy on dips round 73.00
• Goal: 74.00
• Cease loss: 72.70

EUR-USD Standing:

EUR-USD resumes its upward momentum after discovering help close to 1.2050.

• Present Spot: 1.21
• Name for the day: Go lengthy on dips round 1.2070
• Goal: 1.23
• Cease Loss: 1.1990

Commodities

Analyst: Ankit Narshana, Commodity Analyst, Analysis, Edelweiss Wealth Administration


Purchase MCX copper solely above Rs 615

• Goal: 627
• Cease loss: 607

Purchase MCX gold above Rs 49200

• Goal: Rs 49,700
• Cease loss: Rs 39,900

Purchase MCX silver above 66800

• Goal: Rs 68,500
• Cease loss: Rs 66,000