In view that the dollar has reached a phase where some consolidation / correction is imminent. We can look at either going long in the dollar to hedge our Nifty / Bank Nifty longs. Or we can also pick dollar puts for next week as a stand alone trade in just the dollar.
Buy Nifty at cmp ( 8780 ) with sl at at 8756 for target 8964 in the next 4 trading sessions.
Short Nifty at cmp 8787 with stop loss at 8805 for target 8690. Sl of just 18 points for a nice 100 point target.
Short Bank Nifty between 20180-20200 ( spot ) with sl at 20300. For target 19572.
Buy Nifty if spot crosses 8647 intraday with a stop loss at 8628 for target 8690.
We can long on Nifty at CMP 8343 with a stop loss at 8300 for target 8700 and above. This is a long term trade so we need to trade it in next months futures. Target time period for this trade is in the next two weeks.
Short Bank Nifty at CMP 19156 for target 18800 with sl at 19257.
We can short hdfc at cmp of 1244 with a sl at 1260 for target 1198 and below in the next 3 trading sessions.
We can go long on ambuja cement at cmp 220 with sl at 216.40 for target 229.90 and above in the next 3 trading days.
Short Bank Nifty at 19264 ( CMP ) with sl at 19360 for target 18500 in the next 7 trading days.
State Bank of India is near its long term crucial support zone. There are two areas of support rather close to its current market price. The divergence on the dmi will also need to contract pretty soon. Keeping the above two in mind to me it looks like a good opportunity to go long in SBI with a stop loss at 234, with a target of 260 in the next 6 trading sessions.
Bank Nifty seems to be holding its ground very well even with all the selling pressure. Today we saw a breakdown in the negative dmi which indicates it could be the right time to position ourselves to go long with a stop loss at 17800 for a target of 18300.