I have bought long positions each of IDFC futures at Rs 78.25, Divi’s Lab at Rs 982.10, NMDC at Rs 115.30, Renuka Sugar at Rs 17.20 and Sun TV at Rs 379. Please advice Kishore

IDFC: The outlook remains negative for IDFC as long as it rules below 145. Immediate resistance appears at Rs 98 and the crucial one at Rs 107. IDFC finds immediate support at Rs 75, and a close below support will weaken the stock towards Rs 67.

F&O pointers: Despite strong gains on Friday, the counter witnessed unwinding of close to eight lakh shares in open interest. Option trading indicates a range of Rs 80-100 for the stock.

Strategy: Hold your long with a stop loss at Rs 83.5.

Divi’s Lab: The long-term outlook remains positive for Divi’s Lab as long as it stays above Rs 845. However, in the short-term, the stock is expected to move in a range with a negative bias. It finds immediate support at Rs 928 and resistance at Rs 1,037.

F&O pointers: Unwinding of long positions seen. None of the options witnessed any activity.

Strategy: If you can afford, hold the position with a stop loss at Rs 928.

NMDC: Despite recent bounce back, the long-term outlook still remains bearish. It finds immediate support at Rs 108 and resistance at Rs 144. If the current rally sustains, it can reach the resistance level.

F&O pointers: The NMDC futures is quoting in discount due to dividend. Short positions are still there in the system. Options are not active.

Strategy: It is better to book profits.

Shree Renuka Sugars: Long-term outlook remains negative for Shree Renuka Sugars. It finds immediate resistance at Rs 20.5 and support at Rs 15.1.

F&O Pointers: The counter witnessed unwinding of over thee lakh shares along with fall in share price. Options are not active.

Strategy: It is better to exit.

Sun TV: The immediate term outlook turned negative for Sun TV. Only a close above Rs 445 will negate the negative bias. It finds immediate support at Rs 364 and a close below will drag towards Rs 315. Immediate resistance appears at Rs 409.

F&O pointers: Fresh short accumulation was seen on Sun TV futures. Options are not active.

Strategy: It is better to exit.

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 September 8, 2013)
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