I am carrying short positions of Sun Pharma at Rs 715 and IDBI Bank at Rs 110.20 and long positions of Adani Power at Rs 60.65 and Tata Chemicals at 342. Kindly advise – Kishore Ailani
Sun Pharma: The long-term outlook remains positive for Sun Pharma as long as it stays above Rs 592. However, the stock could see some moderation after the steep run. It finds immediate support at Rs 694 and the next one at Rs 656.
F&O pointers: The Dec futures shed open positions marginally. Options are not active.
Strategy: It is better to exit. If you can afford to take a risk, hold with a stop loss at Rs 720.
IDBI Bank: The stock has been moving in Rs 125 and Rs 75 range for quite some time. IDBI Bank finds immediate resistance at Rs 121.5 and support at Rs 99. The chance of heading towards support appears bright for the stock.
F&O pointers: The futures shed over 4 lakh shares in open positions. Option trading indicates that it will hover around Rs 110.
Strategy: Hold it with a stop loss at Rs 117 and shift it if the stock dips below Rs 110 conclusively.
Adani Power: The long-term outlook remains negative for Adani Power as long as it stays below Rs 85. The stock finds immediate resistance at Rs 64.5 and the next at Rs 69 and immediate support at Rs 55. The stock is likely to move in a narrow range.
F&O pointers: The Adani Power futures added over 3 lakh shares in open interest on Friday. Options are not active.
Strategy: Better exit.
Tata Chemicals: The stock has been moving in a range of Rs 451-325. The outlook will change positive for Tata Chemicals, if it breaks above Rs 375. In that case, Tata Chemicals will chart a new high above Rs 446. It finds immediate support at Rs 325 and a close below Rs 295 will change the long-term outlook negative.
F&P Pointers: The counter did not see much activity in F&O segment.
Strategy: If you can afford, hold your long with a stop loss at Rs 325.
I bought Nifty 6000 Dec call at Rs 58. Can I wait for the buying amount for within a week? - Giridharan
Nifty: Medium-term outlook will turn negative only if Nifty dips below 5655. It finds resistance at 5914 and next one at 6041. Nifty finds immediate support at 5865. It is likely to move in the range of 5750-5950 in the short term.
F&O pointers: Nifty futures shed open positions on Friday. Option trading indicates extreme confidence. Volatility index is also remaining at multi-year lows, suggesting bullish outlook.
Strategy: Though the outlook turned positive, it will find difficult to break above 6000 in this series. It is better to exit.
I bought one lot of Axis Bank at Rs 1,362 and one lot of Dena Bank at Rs 119.55 on Friday. Give me short-term supports and resistances for the above.- C.K. Chandrasekar
Axis Bank: The stock is ruling at crucial level. It finds immediate resistance at Rs 1365, support at Rs 1,310. A close above will resistance has the potential to lift the stock to new heights. Only a close below Rs 1,120 will change the outlook negative.
F&O pointers: The stock added fresh longs and over 3.2 lakh shares were added in open interest. Option trading indicates, 1350 is a crucial level.
Strategy: If you can afford hold the position and even rollover with a stop loss at Rs 1,310. Otherwise, exit.
Dena Bank: The stock finds crucial support at Rs 103 and resistance at Rs 122. One more conclusive close above Rs 122 will lift Dena Bank towards its all-time high level of Rs 151.
F&O pointers: Fresh long positions were added o Friday. Option trading indicates a positive bias.
Strategy: Hold your long with a stop loss at Rs 114.
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 firstname.lastname@example.org