* Nifty Jan futures volume weighted average price (VWAP) is at 8250 and Banknifty futures is at 18400.
* Call writing was seen at 8400 & 8450 strike, some put buying (unwinding by writers) was seen at 8400 & 8300 strike and put writing was seen at 8200 strike. Highest positions are at 8000 PE and 8500 CE.
MARUTI added around 5.1% of open interest as fresh long positions. It is trading above 50/100/200 EMAs in higher highs higher lows formation on daily charts. It is also trading on verge of congestion zone breakout on intraday charts. We recommend buying MARUTI Jan futures as per levels given below.
BUY MARUTI JAN FU
* The stock has made a double bottom at sub 290 levels with positive price action; we have observed strong volumes holding the short and medium term averages confirming the positive trend.
* Stochastic & RSI are also coinciding with our view, as both the indicators are in bullish mode.
* However in case of maj
Hindalco Industries Limited
HINDALCO is trading near its 52-week highest levels, above its important long and medium-term averages on daily chart (200/100 EMA’s). Its current chart pattern clearly revels it is set for fresh break towards higher levels. Hence, we recommend buying in mentioned range.
STOCK IN FOCUS
* Federal Bank has surprised the market by reporting strong growth on both profitability as well as loan book fronts in 3QFY17. Despite demonetization its net profit grew by 26.4% yoy & 2.2% qoq to Rs2.1bn during the last quarter.
* The bank witnessed 362bps jump in CASA ratio led by the 24% qoq growth in current deposits a
Aditya Birla Nuvo Limited
ABIRLANUVO was consolidating just above the confluence zone of its 50/100 EMA’s on daily chart. Breakout from this range was witnessed on 18th January and yesterday, it was seen consolidating around that zone. All this indicates bullish bias to continue ahead as well.
HINDPETRO added around 2% of open interest as fresh long positions along with some delivery based buying. It is trading in higher highs—higher lows formation above 50/100/200 EMA on daily charts. it has also created a fresh buying pivot on intraday charts. we recommend buying HINDPETRO Jan futures as per levels given below.
STOCK IN FOCUS
* Ambuja Cements (ACL) surged over ~3% in yesterday’s trade on the backdrop of anticipated demand recovery in coming months and wide valuations gap against peers.
* Though 4QCY16 result will be subdued, group restructuring and likely enhancement in operating synergies augur well for ACL in the long-term.
Motherson Sumi Systems Limited
MOTHERSUMI is trading above its 50/100/200 EMA’s on daily chart, further it is forming a Pennant pattern, though distorted at the moment. Break out from the same can take it to higher levels. Hence, we recommend buying in the mentioned range.
* The stock has made a strong bottom in the last few weeks at 570 with strong volumes and positive price action in the last few days.
* The key technical indicators and RSI has also reversed turning upwards and as the stock is in poised for a breakout from current levels.
* The stock has closed near its short term