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Kindly suggest me on Reliance Infrastructure March futures bought at Rs 502 and Reliance Capital at Rs 478. What are the support levels?— P. Subramanian
Reliance Infra: The long-term outlook remains negative for Reliance Infrastructure. In the short-term, it is likely to move in a narrow range of Rs 580 and Rs 440. The stock finds immediate resistance at Rs 525 and support at Rs 467, and is likely to move towards support.
F&O pointers: The Feb futures added fresh short positions on Friday. Options trading indicates a negative bias with 520 as resistance zone.
Strategy: It is better to exit and re-enter once it takes a clear direction.
Reliance Capital: The short-term outlook turned negative for Reliance Capital. It now finds support at Rs 406 and heading towards that level. It finds immediate resistance at Rs 464 and the key one at Rs 499.
F&O pointers: Futures trading provides little cue. Option trading indicates that strong resistance at Rs 480 and Rs 500.
Strategy: Better to exit.
I bought six lots (24,000 shares) of PTC India of Feb series at Rs 77.12 average price, and it closed at Rs 70.45 which has resulted in the loss of Rs 1,60,900. Please advice can I expect any uptrend in the share price in the next 2 weeks. I was also expecting quarterly results this week. I am on tour this week and do not have sufficient funds in the kitty for covering the margin money.— N. Venkataraman
PTC India: The stock is expected to move in a narrow range of Rs 85-65 in the short-term.
It finds immediate support at Rs 65.50 and a close below that will drag the stock towards Rs 58.
F&O pointers: The PTC India Feb futures added short positions in open interest on Friday. Options are not active.
Strategy: If you cannot afford to monitor your position constantly, then avoid entering into derivatives. Besides, averaging concept never works in F&O. Regarding this position, if you can afford, hold it with a stop-loss it Rs 65. Shift the stop-loss to Rs 70, if the stock opens on positive note on Monday.
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 or queries on your positions may be sent to >blfuturesoptions@gmail.com
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