Strategies for the day
Date Company View Strategies Action Risk Reward
21-10-2009 SAIL BULLISH BUY CALL BUY 200 CA @ 3.50 2025 4050
OCT. EXPIRY
SL : 2.00 TGT : 6.50
Wednesday, October 21, 2009
First Call
Daily Trading Tips
HIND PETRO (HPCL)
Execution Price Range Stop Loss Target
Buy Between Rs 370 to 375 368 381
BHEL
Execution Price Range Stop Loss Target
Sell Between Rs 2460 to 2480 2490 2432
AXISBANK
Execution Price Range Stop Loss Target
Sell Between Rs 991 to 997 1002 979
Currency Market
USD/INR
Dollar opened weaker on Tuesday but regained lost territory as Indian equity markets flattered. USDINR opened the day at 46.06 after a
long weekend and fell to 45.96 levels but closed the day at 46.13 after Equity index fell by nearly 50 points from day’s opening to close the
day at 5114. What prompted this selling was strengthening of Dollar Index which after making a 14 month low of 75.12 started rising and
was quoting at 75.60 on early morning Wednesday.
The prime mover of the dollar index was a weak housing starts and building permits data of U.S where figures came lesser than expected.
Housing starts stood at 590K against expectation of 610K while Building Permits was quoted at 573K against expectation of 595K. DJIA fell
after the release of the data with Dow closing down by 50 points at 10041.
In the domestic markets Bond yields continued to rise as the 10 year benchmark yield was quoting at 7.404% against 7.36% previously.
Overall we expect a gap up opening for the currency pair with 46.75 acting as a crucial resistance.
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