Day trading guide for Wednesday

NiftyNifty has achieved multiple targets around 14750 as per Elliot wave theory and channeling techniques, indicating that the index could undergo a breather for some time now. The index has also closed below 20 DMA for the first time since November indicating first sign of weakness in index.Top Trading ideasSagar Doshi, Edelweiss Wealth ManagementCipla: BUYCMP: 839TGT: 885SL: 810Cipla has bounced back after taking support near levels of 800. Also this bounce back has ensured that the selling pressure at higher levels had no follow through and hence stock is still in its uptrend.TVS Motor: BUYCMP: 540TGT: 585SL: 517TVS Motor has given a fresh breakout after taking support around 500. It has also closed above its previous swing high of 530. Higher volumes indicate higher strength on breakout.Bajaj Finance: SELL (FEB)CMP: 4920TGT: 4600SL: 5050Bajaj Finance retraced back after it faced resistance around 5250 levels. It has shown initial signs of weakness as it closed below swing low of 5000.HDFC: SELL (FEB)CMP: 2575TGT: 2400SL: 2650HDFC faced stiff resistance around the level of 2700 and the stock retraced back from those levels. The stock has given a fresh breakout on the downside as it closed below its swing low of 2560. Volumes are high on breakout which suggests participation is on the short side.F&O Tracker Sagar Doshi, Edelweiss Wealth ManagementWe have witnessed profit booking by FIIs in last 10 trading sessions as their long exposure in index futures has reduced from peak of 83% to 59%, lowest since the month of November. In stock futures, FIIs have unwound 60k long contracts in last 10 trading sessions.On option front, 14000 to act as support on downside as this strike has maximum put open interest whereas 14500 strike will act as resistance.Actionable:Nifty: Sell 14200 straddle (both CE & PE) at current spread of 202. Buy 13900 PE @ 14 and 14500 CE @ 17FX TechnicalMunjaal Raval, Edelweiss WealthUSDINR Status: USDINR is approaching its previous bottom support which is placed near 72.80 level.Current Spot : 72.95Call for the day : Buy on dips around 72.80Target : 73.50Stop Loss : 72.50EURUSD Status: EURUSD has resumed its upward momentum after finding support near 1.2050.Current Spot: 1.2150Call for the day : Buy on dips around 1.21Target : 1.2350Stop Loss : 1.1990Ankit Narshana, Edelweiss Wealth ManagementBuy mcx copper only above 616 for the target of 628 and stop loss 607Buy mcx gold above 49300 for target of 49900 stop loss 39900Buy mcx silver above 67800 for the target of 69000 stop loss 66800

from Economic Times https://ift.tt/3t5e9yT