Consolidation mood is visible in the market on the last trading day of the week. Nifty came below 18200 but at present it is trading above 18200. Bank Nifty is weaker than Nifty today. In such a situation, we will try to understand through the options data which range the writers are seeing for the next week. Our today’s expert on CNBC-Awaaz is Vinay Rajani, HDFC Securities. Vinay also offered a cheap option with his strong calls.
Shares with Today’s FRESH LONG Roles in the Futures Market
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Shares with Today’s SHORT COVERING Roles in the Future Market
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Shares with Today’s FRESH SHORT Roles in the Future Market
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In Nifty today at 12 noon, most call writers were seen active at the level of 18200, 18300 and 18500.
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In Nifty today at 12 noon, the most active put writers were seen at the level of 18200, 18100 and 18000.
In Bank Nifty today at 12 noon, most call writers were seen active at the level of 38000, 38200 and 38500.
Bank Nifty saw the most active put writers at the level of 38000, 37900 and 37500 today at 12 noon.
Vinay Rajani of HDFC Securities on the market
Vinay Rajani said that some consolidation is visible in the market. The decline in Bank Nifty seems to be more as compared to Nifty i.e. Bank Nifty is looking weak in which bearish trade can be taken for 1 to 2 days but we believe that overall trade remains positive.
We have a positive outlook on Nifty but today I suggest to avoid taking positions in both the benchmark indices as they are showing consolidation wherein a breakout of key levels can lead to moves on both sides.
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Trading Ideas by Vinay Rajani of HDFC Securities
ADANI PORTS JAN FUT: Buy – Rs 794, Stop Loss – Rs 770, Target – Rs 830
KOTAK MAHINDRA BANK JAN FUT: Sell – Rs 1911, Stop Loss – Rs 1945, Target – Rs 1850
Today’s Cheap Option: GNFC
Describing the cheaper option, Vinay Rajani said that he likes the stock of GNFC in this sense. Buy its January Series 500 strike call near Rs.14. Put a stop loss below Rs 10 in it. A target of Rs 22 can be seen in this.
(Disclaimer: The views and investment advice given on moneycontrol.com are the personal views and opinions of investment experts. Moneycontrol advises users to consult a certified expert before making any investment decision.)
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