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Day trading guide: 4 stock recommendations for Friday – Economic Times

Kotak Securities

An important event ended in the market yesterday, but today the market was neutral at the level of 15,550/51,700. This confirms that the market trend is strong and may reach 15,900/52,800 or 16,000/53,100 level once again. Today, technology stocks and gave strong support to the index, which allowed the Nifty to close at 15,700. The Nifty/Sensex could reach fresh levels on Friday if the indices don’t close below the levels of 15,550/51,700.

On an immediate basis, 15,770/52,500 and 15,850/52,700 levels would be major hurdles. Below the levels of 15,550/51,700, the Nifty/Sensex would gradually fall to 15,400/51,300 or in the worst-case scenario to 15,300/51,000.

Tech Picks

Analyst: Shrikant Chouhan, Executive Vice President – Technical Research


ICICI Pru Life: BUY

CMP: Rs 589.95

Target: Rs 610

Stop loss: Rs 580

A breakout is seen with a bullish engulfing candlestick pattern along with rising volume indicating a new leg of uptrend in the counter.

Grasim: BUY

CMP: Rs 1,458.2

Target: Rs 1,500

Stop loss: Rs 1,435

The stock has formed an Inverted Hammer candlestick pattern near an important support zone, which suggests that a reversal is likely in the near term.

Persistent: BUY

CMP: Rs 2,555.85

Target: Rs 2,630

Stop loss: Rs 2,515

The stock is trading in an Ascending triangle chart formation with decent volume activity and a strong breakout is expected in the coming horizon.

EID Parry: BUY

CMP: Rs 428.5

Target: Rs 450

Stop loss: Rs 420

From the last few sessions, the stock is into a consolidation phase; meanwhile a Hammer candlestick pattern is formed near the support area, indicating bullish sentiment.

F&O Strategy

Analyst: Sahaj Agrawal, Head of Research- Derivatives


Futures: BUY

Futures-June at 1,030
SL: 1,000

Target: 1,080

TrendLine support seen on Daily Charts at 1,010 on spot with positive momentum.

Options: Nifty Long Butterfly for 24 Jun 2021 Series

Buy 1 Lot 15,600 CE at 173; Sell 2 lots 15,700 CE at 113

Buy 1 Lot 15,800 CE at 68; Max Loss: 15; Max Profit: 85
Short-term View: Nifty is showing signs of consolidation and is expected to remain in a range between 15,550 and 15,850 over the next few days. In this situation, a Long Butterfly of 15,600-15,700-15,800 is apt.

Forex & Interest Rate Technical

Analyst: Anindya Banerjee, DVP, Currency Derivatives & Interest Rate Derivatives


USD-INR: Buy between 73.80/74.00

SL: 73.50

TP: 74.70/75.00

Commodity Calls

Analyst: Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

ET CONTRIBUTORS