Nifty closed the day at 5262.80 up by 16.9 points. Nifty February Future closed at 5269.60, premium of 6.8 points.
- FII bought in index options and cash but sold in index futures and stock futures (Net buy 623.9 Crore)
- US market ended Red.
- Global cues are flat to Negative.
- SGX nifty is in Deep Red as of now.
- Most Active March Nifty Call Option: 5300 and 5200.
- Most Active March Nifty Put Options: 5200 and 5300.
RBI raises interest rates by 25 bps
The Reserve Bank of India (RBI) on Friday raised its short-term borrowing and lending rates by 25 basis points each and said the measure was intended to anchor inflationary expectations and check price pressures.
- Reverse repo rate raised by 25 basis points to 3.5 percent
- Repo rate raised by 25 basis points to 5.0 percent
- Measures to anchor inflationary expectations
- Food prices remain at elevated levels
- Central bank to monitor macro-economic conditions, prices
Current Spot: 5262.80
RSI (7 days): 87.88
Supports: 5243 - 5224
Resistance: 5276 - 5290
Option Open Interest
Buy Nifty above 5279 - 5286 - 5299 - 5320 SL - 5266
Sell Nifty below 5260 - 5251 - 5237 - 5223 SL - 5271
Option & Futures Call
Buy Nifty 5300PE at 50.6 for targets of 59.8, 74.1, 83.4, SL of 44.9
Sell HDFC Futures at 2691 for target of 2662, 2630, SL of 2718
Chambal Fertiliser (61.10)
Stock was in continuous down trend from the high of 74 in mid February and finally made a bottom on 16 March with “Bullish Engulf” a bullish candlestick pattern. On Friday stock has formed “Long White Candle” with strong volume breakout on daily chart. 3 days EMA has given positive crossover to 8 days EMA. Daily momentum indicators are on the verge of bullish zone. On weekly chart front stock has formed “Piercing Pattern” a bullish candlestick pattern, weekly RSI also showing strength on chart. Looking at all above technical evidence trader with moderate risk appetite can consider Buy above Rs.61.25 with tight stop loss of Rs.58.50 (closing basis) for a Target of Rs.66.
Stock Ideas for the Day
Reliance Industries: Buy above 1095 for targets of 1100, 1110, 1121 SL of 1084
Reliance Industries: Sell below 1081 for targets of 1072, 1063, 1052 SL of 1089
Tata Elaxi: Buy above 312 for targets of 319, 326 SL of 304
Raymonds: Buy above 236 for targets of 241, 248 SL of 228
Kopran Ltd.: Buy above 27.8 for targets of 30.5 SL of 27.2 (One Month)
MM Forgings: Buy above 64.4 for targets of 67.5 SL of 63.1 (One Week)
In any contest between power and patience, bet on patience - W.B. Prescott.
Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.
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