Day trading guide for Friday

Due to the sudden jump in the long-term bond yields in the US, we again witnessed a sharp decline in the market on Thursday.

Technically, the market recovered from lower levels, but due to the pressure of the weekly expiration of Index contracts, the Nifty/Sensex came back from the highs of 15,200/51,260. On Friday, 15,050/50,750 and 14,950/50,400 levels will be decisive for the market. The Nifty/Sensex could fall to 14,850/50,100 or 14,750/49,800 on a decisive dismissal of 14,950/50,400. On the upside, the 15,250/51,300 level would be a big hurdle for the index.

Tech Picks

Analyst: Shrikant Chouhan, Executive Vice President - Technical Research

Amara Raja NSE 0.53 % Batteries: BUY

CMP: Rs 919

Target: Rs 950

Stop loss: Rs 900

Rounding bottom formation near important support zones with incremental volume activity on daily chart.

Ambuja Cements: BUY

CMP: Rs 292

Target: Rs 305

Stop loss: Rs 285

The stock is trading in a rising channel and with a higher top higher bottom formation, the up move is likely to sustain in the near term.

FSL: BUY

CMP: Rs 107.95

Target: Rs 114

Stop loss: Rs 105

A fresh breakout is evident from an inverse head and ..

Grasim: BUY

CMP: Rs 1,350.4

Target: Rs 1,390

Stop loss: Rs 1,330

Higher high and higher low chart formation indicates bullish momentum in stock to remain in the near term.

F&O Strategy

Analyst: Sahaj Agrawal, Head of Research - Derivatives

Futures: BUY SBI Life Future-March at 915

Stop loss: 886

Target: 960

Descending Triangle breakout seen above 910 on spot.

Options: Nifty Bull Call Spread: 25 Mar-21 SERIES

Buy 15100 CE @ 350 and Sell 15500 CE @ 165

Premium outflow (Cost): 185

Stop loss: 80

Target: 350/400

Nifty continues to trade in an uptrend, after it made a putative swing low of 14,467. A fresh momentum has built up above 15,000 and with market breadth remaining strong, we expect Nifty to retest 15,500 levels.

Forex & Interest Rate Technical

Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives

USD-INR: Buy 73.00 Put and Sell 74.00 Call option; March 26th expiry @ 22 paise.

Stop loss: Exit strategy if USD-INR March fut trade above 73.55

Commodity Calls

Ravindra Rao, VP- Head Commodity Research