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Please advice on the long futures position taken on GVK Power, Sept futures, at Rs 17.95 . - Vijay
GVK Power & Infra (Rs 17.8): The outlook remains negative for GVK Power. The stock finds immediate resistance at Rs 19.5 and the next one at Rs 22.5. Immediate support for GVK Power appears at Rs 15.3 and a crucial one at Rs 11.3.
F&O pointers: The GVK Power Sept futures witnessed unwinding of long positions on Friday. A little available from options' trading also indicates a negative bias, as calls saw accumulation of open interests.
Strategy: Exit
Please suggest strategies for short positions taken on Mahindra & Mahindra at Rs 785, GMDC at Rs 184, YES Bank at Rs 299 and Ambuja Cement at Rs 142.30. – Kishore
M&M: The outlook remains positive for M&M. However, the stock is currently ruling at a critical juncture. A close above its immediate resistance at Rs 806 would drive M&M to new heights. Immediate support appears at Rs 776, a close below would drag it to Rs 665. It appears the stock may face strong resistance at current levels.
F&O Pointers: M&M Sept futures added fresh positions on Friday. Options are not active,
Strategy : Hold your short position with a tight stop loss at Rs 810.
GMDC (Rs 177): This stock is also ruling at crucial level. It finds immediate resistance at Rs 189 and support at Rs 163. A close above resistance could lift GMDC to Rs 189. On the other hand, the stock could fall to Rs 145, if it fails to sustain above the immediate support level.
F&O Pointers : GMDC Sept futures shed open position along with fall in share price. Options did not see any trading.
Strategy: Hold your short position with a stop loss at Rs 189.
YES Bank (Rs 293): The stock has been moving in Rs 235-335 range since January 2011. It is unlikely to break this range anytime soon. The stock finds immediate resistance at Rs 308 and the support at Rs 278.
F&O pointers : YES Bank Sept futures added short positions on Friday. Options are not active.
Strategy: Hold your short position with a stop loss at Rs 308.
Ambuja Cements (Rs 138 ): The immediate outlook for Ambuja Cements turned negative. It now finds immediate support at Rs 129 and resistance at Rs 142. A close above resistance has the potential to lift the stock towards Rs 154. On the other hand, a dip below support could drag Ambuja Cements to Rs 117.
F&O pointers : The counter added fresh short positions on Friday. Options are not active.
Strategy: Hold your short position with a stop loss at Rs 142.
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 >f&o@thehindu.co.in ; >blfuturesoptions@gmail.com
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