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

StockReco.CMPTargetStop LossNote
GSPLBuy332350317Stock has given a rising channel pattern breakout on the daily chart.
TimkenBuy15411625 1488Stock is trading in a strong higher top higher bottom chart structure and has given a consolidation breakout on the daily chart.
Orient RefractoriesBuy350370339Stock 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

CommodityExchangeStrategy
Gold (Aug)MCXSell in range 47150-47200
Stop loss above Rs 47260
Target price: Rs 46900/46750
Crude Oil (Jul) MCXBuy in range 5420-5440
Stop loss: Rs 5367
Target price: Rs 5470/5530
Copper (June)MCXBuy 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

(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)

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