ICICI Securities
Analyst: Dharmesh Shah – Head Technical
The weekly value motion shaped a large bull candle carrying increased excessive over tenth consecutive week, indicating continuation of the optimistic development. We anticipate the uptrend to proceed and the index to go in direction of 14,600.
The Midcap index has scaled to a contemporary all-time excessive after three years and has witnessed a quicker retracement of the complete 27 months corrective section (21,840-10,750) in simply 10 months, signalling structural turnaround. We anticipate the broader market to proceed with its outperformance supported by energy in world midcap indices and robust market breadth that augurs effectively for sturdiness of the present up transfer
Analyst: Dharmesh Shah – Head Technical
| Inventory | Reco. | CMP (Rs) | Goal (Rs) | Cease Loss (Rs) | Be aware |
| HDFC | Purchase | 2,747 | 2,890 | 2,665 | A resolute breakout above a rising trendline becoming a member of highs of November and December 2020 and MACD in purchase mode |
| Bajaj Auto | Purchase | 3,620 | 3,880 | 3,485 | Bullish flag breakout as value rebounded forming the next base on the 50 days EMA |
| Persistent System | Purchase | 1,613 | 1,755 | 1,535 | The inventory has just lately generated a breakout above 12 weeks vary as it’s seen rebounding from the decrease band of the rising channel in place since Might 2020 |
F&O Technique
Analyst: Raj Deepak Singh, Head Derivatives
Purchase Escorts
- CMP: Rs 1,353
- Goal: Rs 1425
- Cease loss: Rs 1,305
Rationale:
- Auto shares remained in focus publish its month-to-month numbers and in direction of the later a part of the final week. Most auto shares noticed optimistic value motion. Final month, Escorts examined its Put base of Rs 1,200 however managed to revert sharply.
- Contemporary lengthy accumulations had been noticed from decrease ranges and because the sequence progressed OI. Furthermore, supply primarily based volumes rose close to 1300, which is a optimistic signal. We anticipate Escorts could possibly be the inventory to maneuver in direction of Rs 1,425.
Purchase Biocon
- CMP: Rs 470
- Goal: Rs 505
- Cease loss: Rs 455
Rationale:
- Biocon has remained largely rangebound within the latest market up transfer in keeping with a lot of the pharma shares. We have now seen a gradual improve of lengthy positions within the inventory within the final couple of weeks. We anticipate the inventory to stay optimistic. It’s more likely to transfer in direction of Rs 500 ranges within the quick time period.
- The inventory has moved close to its highest Name base of Rs 470 strike and additional upsides are doubtless in direction of quick overlaying amongst Name choices. Furthermore, writing at ATM Places suggests restricted downsides within the quick time period.
Foreign exchange Technique:
Promote USD-INR
Promote USD-INR at 73.70-73.80
- Goal: 73.20
- Cease loss: 74.0
Rationale:
- Attributable to a pointy transfer within the Greenback index above 90 ranges, rupee depreciated and approached its resistance ranges.
- Stronger home equities, weaker crude oil costs and Name writing positions in USD-INR pairs would assist INR to understand.
| Resistances | 73.70 | 73.85 | 74.00 |
| Helps | 73.4 | 73.30 | 73.2 |
Purchase GBP-INR
Purchase GBP-INR at 99.00-99.10
- Goal: 99.9
- Cease loss: 98.8
Rationale:
- GBP-USD is discovering help close to 1.34 degree because the UK and EU agree on the historic commerce deal.
- GBP-INR sustained above 100 ranges and is more likely to rise additional amid sturdy rebound in cable foreign money.
| Helps | 99.80 | 98.90 | 99.00 |
| Resistances | 99.70 | 99.85 | 100.00 |
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