Nifty: Day trading guide for Wednesday


Analyst: Sagar Doshi, Technical Analyst – Research, Edelweiss Wealth Management

Index: Nifty

Nifty has recovered its losses and moved towards 11,900, which in our view has come up in the form of wave B as per Elliot wave. Wave C down should be followed, which should take the index towards 11,550. However, a move above 11,950 will suggest that price has resumed uptrend and is now to move higher towards 12,300, in the form of wave iii of 5.

Top trading ideas

Analyst: Sagar Doshi, Technical Analyst – Research, Edelweiss Wealth Management

Godrej Properties: BUY

  • CMP: Rs 936
  • Target: Rs 1,040
  • Stop loss: Rs 885
  • Stock is trading within a range from the past few sessions and is hovering near its breakout level. Also, the stock is witnessing an increase in trading volume, showing signs of accumulation near breakout level.

IndusInd Bank: BUY

  • CMP: Rs 625
  • Target: Rs 700
  • Stop loss: Rs 600
  • The stock is forming an inverse head and shoulder pattern on the daily timeframe with its breakout level near Rs 640. Stock is now witnessing a volatility contraction which is often followed by a big move.

Berger Paints: BUY

  • CMP: Rs 615
  • Target: Rs 720
  • Stop loss: Rs 593
  • Stock is consolidating around its all-time high level. It has taken support at its 21-day exponential moving average and started its upward journey. We can see new high in the stock in the upcoming trading sessions

Hero Motocorp: SELL

  • CMP: Rs 3,237
  • Target: Rs 3,000
  • Stop loss: Rs 3,358
  • Stock is showing signs of distribution near its 52-week high level. Also, price is showing bearish divergence with RSI, which suggests that stock now lacks upward momentum.

Analyst: Sagar Doshi, Technical Analyst – Research, Edelweiss Wealth Management
F&O Tracker :
FIIs net position on index futures stand at 55,000 long contracts. Also, in the cash market, FIIs have been net buyers of stocks to the tune of R. ,8000 crore in the month of October. On the option front, 11,800 strike has maximum put open interest. On the upside, 12,000 strike has maximum call open interest.


Buy Bank Nifty 24,500 CE (22nd Oct) at CMP 225

Sell Bank Nifty 25000 CE (22nd Oct) at CMP 79

Net spread of Rs 146

Target of Rs 400

Stop Loss of Rs 75

Forex Technical
Analyst: Madhavi Arora, Economist – Forex & Rates, Edelweiss Securities

USD-INR Status: USDINR is approaching an immediate resistance zone placed around 73.60.

  • CMP : 73.47
  • Call for the day : Sell on bounce around 73.60
  • Target : 72.70
  • Stop Loss : 74.05

EUR-USD Status: EUR-USD resumes upward momentum after finding support near 1.17 handle.

  • CMP : 1.18
  • Call for the day : Buy on dips around 1.1780
  • Target : 1.1950
  • Stop Loss : 1.1680

Analyst: Ankit Narshana, Commodity Analyst, Edelweiss Professional Investor Research

Buy MCX copper at Rs 525

  • Target: Rs 542
  • Stop loss: Rs 510

Buy MCX gold above Rs 51000

  • Target: Rs 52,500
  • Stop loss: Rs 50,200

Buy MCX silver above Rs 62,880

  • Target: Rs 64,200
  • Stop loss: Rs 62,000

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