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I short HCL Technologies at Rs 1,295 and Rs 1,385. What is your view? - Kalidoss.R
HCL Technologies: The long-term outlook remains positive for HCL Technologies, as long as it stays above Rs 1,125. The stock finds immediate support at Rs 1,344 and the crucial one at Rs 1,270. If the stock sustains above Rs 1,270, it has the potential to reach Rs 1,515. However, despite recent gains, it appears the stock may lose the momentum a bit before any further rise.
F&O pointers: The counter witnessed unwinding of open interest positions marginally. Option trading indicates positive bias, as puts shed open interest positions.
Strategy: It is better to exit. If you are willing to take a risk, hold your short position with a stop loss at Rs 1,400 (spot price on a closing day basis).
I bought ITC Jan futures at Rs 325 and sold HCL Tech Jan futures at Rs 1,366. Let me know whether I can hold them? - Lalitha Venkatakrishnan
ITC: The long-term outlook remains positive for ITC as long as it stays above Rs 265. However, a narrow movement is seen for the stock in the immediate term. The stock finds immediate support at Rs 308 and resistance at Rs 344. A close above Rs 344 will trigger a fresh rally in the stock and a close below Rs 295 will change the medium-term outlook negative.
F&O pointers: ITC futures shed over 3.4 lakh shares in open interest on Friday along with a fall in share price. Option trading points a range of Rs 300-330 for the stock.
Strategy: If you can afford, hold your long with a stop-loss at Rs 308 and shift the stop-loss to your entry level, if ITC closes above your entry level.
HCL Tech: Strategy as above.
I bought Axis Bank at Rs 1,195 and Tata Motors at Rs 372.90 in F&O. Kindly advise stop-loss and resistance. - Tarak Sinha
Axis Bank : The medium-term outlook remains narrow for Axis Bank. The stock is expected to move in a range of Rs 950-1,300. Only a break from this range will set a clear direction for the stock. Immediate support appears at Rs 1,100 and resistance at Rs 1,208. Immediate-term trend appears bearish.
F&O pointers: The counter added fresh short positions on Friday. Axis Bank Jan futures added over 16 lakh shares in open interest positions. Option trading indicates a negative bias.
Strategy: it is better to exit.
Tata Motors: The long-term outlook remains bullish for Tata Motors. It finds immediate support at Rs 341 and resistance at Rs 385. A conclusive close above Rs 385 will trigger a fresh rally in the stock. It is expected to move in a narrow range in the short term.
F&O pointers: Tata Motors Jan futures witnessed unwinding of long positions on Friday. It shed over 9 lakh shares in open positions. Option trading indicates a negative bias.
Strategy: Hold your long positions with a stop loss at Rs 358.
I have a short position in Coal India at Rs 274 ( post dividend ) Future Retail at Rs 88, Iand long positions in Sun TV at Rs 360. Kindly advise - Kishore Ailani
Coal India: The stock finds immediate support at Rs 258, which is very crucial level. A close below that will drag the stock towards Rs 230. Immediate resistance appears at Rs 304 for Coal India. The outlook remains negative for Coal India.
F&O pointers: Unwinding of long positions was seen on Friday. Option trading indicates Rs 261 as crucial level.
Strategy: Hold your short position for a target of Rs 258 at least.
Future Retail: The long-term outlook remains negative for FRL. In the medium-term it is expected to move in a range of Rs 100-60. Immediate resistance appears at Rs 98 and the support at Rs 75.
F&O pointers: The counter witnessed unwinding of long positions on Friday. Options indicate a neutral view.
Strategy: Hold your short position with a stop loss at your entry level.
Sun TV: The stock is ruling at a crucial stage. A close below Rs 340 will change the outlook negative for Sun TV. Immediate resistance appears at Rs 380.
F&O pointers: The counter is not very active in the derivative segment. A little cue available indicates negative bias.
Strategy: It is better to exit your long position. However, if you can afford, hold your long positions with a stop-loss at Rs 340.
NOTE: The analysis and opinion expressed in this column are based on F&O data available at this point of time and on technical analysis based on past price movements. There is risk of loss in trading.
Feedback may be sent to >blfuturesoptions@gmail.com
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