Hammer candlestick formation adopted by inside physique candles clearly point out indecisiveness between the bulls and the bear. Nonetheless, the medium-term texture of the market continues to be on the bullish aspect, however the every day and the intraday charts counsel that the uptrend could take a short lived pause close to 14,620. If the index sustains above the identical continuation of uptrend, it would proceed to go in the direction of 14,700 -14,775. On the flip aspect, buying and selling under 14,500 may set off fast short-term correction as much as 14,350-13,250.

Tech Picks
Analyst: Shrikant Chouhan, Government Vice President – Technical Analysis

HDFC Financial institution: BUY

• CMP: Rs 1,468.75
• Goal: Rs 1,515
• Cease loss: Rs 1,440
• The inventory has given a breakout from rectangle formation on the every day and weekly charts.

Tata Metal: BUY

• CMP: Rs 706.35
• Goal: Rs 727
• Cease loss: Rs 695
• Sturdy breakout continuation formation more likely to proceed within the close to time period.

Muthoot Finance: BUY

• CMP: Rs 1,251
• Goal: Rs 1,290
• Cease loss: Rs 1,232
• The inventory is buying and selling above short-term averages with robust increased backside formation on the every day charts.

Siemens: BUY

• CMP: Rs 1,651.15
• Goal: Rs 1,700
• Cease loss: Rs 1,620
• Sturdy Bar Reversal formation together with constructive Parabolic SAR collection counsel uptrend anticipated to proceed within the close to time period.

F&O Technique
Analyst: Sahaj Agrawal, DVP-Derivatives, Analysis

Futures: Purchase ITC Future Jan at 214

• Cease loss: Rs 208
• Goal: Rs 230
• Vary breakout seen above 213 on spot.

Choices: Nifty Quick Strangle

• Promote 21 Jan 14,950 CE at 22 and Promote 21 Jan 14,200 PE at 32
• Premium Influx (Max Revenue): 54
• SL: 80

The Nifty for the previous few weeks has been trending fairly strongly whereas it made an all-time excessive of 14,653. Nonetheless, the variety of shares in UpTrend is decreasing progressively from the NSE 200 basket inkling a consolidation/vary sure exercise going forward. Primarily based on the present ATM IV of round 17%, a probabilistic (70%) vary for Nifty until 21 Jan ought to be between 14,250 and 14,950. On this scenario, a Quick Strangle could also be initiated.

Foreign exchange & Curiosity Fee Technical
Analyst: Anindya Banerjee, DVP, Foreign money Derivatives & Curiosity Fee Derivatives

USD-INR: Feb 24 expiry.

• Purchase 73.50 Put choice
• Promote 72.50 Put choice and promote 74.00 Name choice
• Equal amount on all legs.
• Complete Premium paid: 14 paise
• Max revenue: 86 paise
• Cease Exit technique if USD-INR trades above 74.00 ranges.

Commodity Calls
Analyst: Ravindra Rao, VP- Head Commodity Analysis