I have taken short positions on Karnataka Bank at Rs 163, Raymond at Rs 431.20, Sun TV at Rs 376.80 and United Spirits at Rs 2005.80 – Kishore Ailani
Karnataka Bank: The stock faces resistance at Rs 187 and the next one at Rs 216. It finds immediate support at Rs 165 and a close below that level will weaken the stock to Rs 134.
Raymond : After hitting year high, the stock appears to be losing momentum. It finds support at Rs 418 and resistance at Rs 463. A close below support has the potential to drag the stock towards Rs 354.
F&O pointers: It added fresh shorts on Friday. Futures saw an accumulation of 1.81 lakh shares. Options are not active.
Strategy : Hold your short position with a stop loss at Rs 463 and shift it to your entry level if it dips below that level.
Sun TV : The outlook remains positive for Sun TV. It finds support at Rs 366 and resistance at Rs 449.
F&O pointers: The Sun TV futures witnessed unwinding of long positions on Friday. It shed over 1.95 lakh shares in open interest. Options are not that active.
Strategy: Exit. If you can afford, hold your short position with a stop-loss at Rs 413.
United Spirits : The stock is ruling near its all-time high. The stock finds immediate resistance at Rs 2,150 and support at Rs 1,877. Open offer has been made at Rs 1,440 a share for the stock. It is likely to rule firm around the current level.
F&O pointers : Futures shed open interests, albeit very marginally. Option trading, however, indicates positive bias.
Strategy: Ideal to book profit. If you can afford hold your short position with a stop-loss at your entry level. If it moves below Rs 1,877, then shift the stop-loss to that level for a target of Rs 1,765.
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.
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