I bought one lot of Dena Bank at Rs 103.7 and one lot of Axis Bank at Rs 1,427. Guide me on short term strategy - C.K. Chandrasekar

Dena Bank: The long-term outlook remains positive for Dena Bank as long as it stays above Rs 84. However, having said that, in the short-term, the stock is heading towards its major support zone. Immediate support appears at Rs 96. Only a close above Rs 115 will change the outlook positive.

F&O pointers: The counter witnessed a rollover of 13 per cent to March series. Options are not that active.

Strategy: Better to exit.

Axis Bank: The long-term outlook remains positive for Axis Bank as long as it stays above Rs 960. Axis Bank finds immediate support at Rs 1,340 resistance at Rs 1,485. If the stock manages to close above the resistance, it can scale a new high above Rs 1,608.

F&O pointers: About 19 per cent of the positions has been rolled over to March series. Option trading indicates a range of Rs 1,500 for the stock.

Strategy: Hold your long with a support 1,399.

I am carrying short positions of PFC Feb futures at Rs 220.40 , IndusInd Bank at Rs 438.35 and Bharat Forge at Rs 226.75. Suggest strategies. – Kishore Ailani

PFC: The stock is likely to move in a range of Rs 235 and Rs 175 in the short-term. Only a break from this range will set a clear trend.

F&O pointers: It witnessed a rollover of just 10 per cent. Most of the positions are on the short side. Options are not active.

Strategy: Better to book profits.

IndusInd Bank: The long-term outlook remains positive, as long as it stays above Rs 317. Only a close below Rs 367 will change the medium-term outlook negative.

F&O pointers: Activity in the derivative segment is only moderate for the counter.

Strategy: Exit.

Bharat Forge: The long-term outlook turned negative for the stock. Now only, a close above Rs 283 will change the outlook positive for the stock. The stock finds immediate support at Rs 181 and resistance at Rs 242. The stock is likely to move in a narrow in the immediate term.

F&O pointers: The counter witnessed only a moderate rollover of just 10 per cent. Options are not active. Shift the stop-loss to Rs 217 if the stock ends on weak note.

Strategy: Hold your short position with stop-loss at your entry level.

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

(This article was published on February 24, 2013)
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