Day trading guide for Thursday's market

IIFL Securities

Technicals:
By Jayesh Bhanushali, Sr. Derivative & Technical Research Analyst

Technical view: Outlook on Bharti Airtel

Bharti Airtel is trading in a strong lower top lower bottom chart structure and has given a price breakdown below its 200 DEMA. The stock is on a verge of forming a bearish engulfing candlestick pattern on the quarterly chart for the first time since September2015. During the last 12 years, the stock has managed to form the mentioned candlestick pattern on four occasions and on each occasion, the subsequent quarter has witnessed a lower close. Hence we expect Bharti Airtel to witness continued selling at a higher level and trend below the 400 level in the coming quarter.

Tech Picks

F&O Strategy:
By Rupak De, Senior Research Analyst

Bank Nifty Oct Future ended the session with a gain of 0.61%. On the daily chart the index has slipped below its consolidation low which shows the rise of pessimism. On the options front, calls of 21000 strike have witnessed decent short addition indicating a possibility of weekly expiry below 21000.

Trade:
BANKNIFTY Bear Put Spread (Hold till Expiry: Oct 1, 2020)

• Buy 1 lot BANKNIFTY 1 Oct 21000PE @ Rs306
• Sell 1 lot BANKNIFTY 1 Oct 20900PE @ Rs265

Net Premium outflow Rs41(appx); Maximum Loss Rs41/lot(appx); Maximum Profit Rs59(appx).

Futures:
Buy APOLLOHOSP Oct Future at Rs1830-1840
STOP LOSS: Rs.1800
TARGET: Rs.1920

Forex Technical:
By Amit Pathania, Senior Technical Strategist

USD/INR Status: Likely to move lower towards 73.10 levels

Call for the day: Go short in Sep future around 73.65
TARGET: 73.10
STOP LOSS: 73.95

GBP/INR Status: Likely to move lower towards 93 levels

Call for the day: Go short in Sep future around 93.90
TARGET: 93
STOP LOSS: 94.30

Commodity Calls:
By Amit Pathania, Senior Technical Strategist