Stocks with highest changes in options OI | ||
Stocks | % change | PCR* |
Guj Ambuja | 680.06 | 0.05 |
TVS Motors | 340 | 0.06 |
Mah. Seamless | 258.33 | 0.03 |
NDTV | 252.63 | 0.07 |
Reliance Ind | 206.47 | 0.47 |
i-flex | 197.62 | 0.18 |
Cummins India | 124.24 | 0.05 |
Hindalco | 13-Apr | 0.01 |
Reliance Cap | 81.22 | 0.33 |
Jindal Stainless | 75.00 | 0.05 |
* Put-call ratio |
Stocks with highest changes in futures OI | ||
Stocks | % change in OI | Future 1-m price |
Guj Ambuja | 549.6 | 61.85 |
Cummins India | 496.25 | 135.45 |
Reliance Cap | 67.20 | 342.40 |
NDTV | 54.10 | 217.15 |
Reliance Ind | 52.89 | 648.65 |
Jindal Stainless | 49.06 | 129.05 |
India Cements | 34.01 | 75.40 |
LIC Hsg Fin | 29.14 | 225.60 |
Satyam | 27.25 | 498.40 |
IOC | 25.07 | 432.50 |
Major prem/disc* movements in stock futures | ||
Stocks | Last week | Previous week |
Tata Motors | -2.75 | -10.4 |
Jet Airways | -2.7 | -16.65 |
HDFC Bank | -0.3 | -6.25 |
M&M | -13.64 | -18.2 |
Maruti Udyog | -0.95 | -4.6 |
Infosys | 7.35 | -11.65 |
Bharat Forge | 9.1 | -2.15 |
Bhel | -0.85 | -7.6 |
BEL | 7.15 | 2.15 |
Satyam | 0.35 | -2.85 |
*Prem/(disc) sorted as a % of cash prices |
STOCK FUTURES/ OPTIONS Obviously Reliance group stocks were the centre of attention. A brief assessment of the technical position in the Reliance majors follows. In general, the stocks seem to have advanced sharply enough for us to witness alternate bouts of profit-taking and new buy orders in this week. Caution in settlement week would be the watchword. However, there's only four sessions left and it may also make sense to wait for the settlement. A bull-spread of long 660c (7.5) versus short 680c (3) costs 4.5 and it could pay off if RIL rises above 665 in this week. REL: There's been a clear pattern of profit-taking in the stock over the last three-four sessions and due to the jump, there are no clearly established supports close to spot. With spot placed at 645, it may make sense to take short June REL futures on intra-day basis. In the options segment, a long 640p costs 12.55 but this can't be laid off because of lack of liquidity in the option chain between 600-640. Avoid in the options segment until the next settlement and look out for intra-day short positions in the futures segment. IPCL: The stock has seen the least movement and stayed stuck inside the narrow range of 165-170 although it has seen volume expansion. Avoid till the next settlement because there's no discernible trend as such. Reliance Capital: The spot price has shot upto 340-odd on extremely high volumes and with a very steep slope, gaining 100 in just about 5 sessions. At 250, it achieved a five-year high, which it has broken in every subsequent session. The long-term trend is very positive with a target of 450 apparent in a timeframe of 6 months. The advice would be to go long in the June futures segment but there's insufficient liquidity to create bull-spreads in the June options segment. Among other stocks, Bajaj, Bharat Forge, Hero Honda, HLL, Hindalco and ITC all look like potential bullish payoffs in the futures segment. But it may make more sense to wait for the July settlement in each of these cases. There are no obvious arbitrages in the futures versus spot prices in these cases and the technical patterns don't seem to justify sticking one's neck out. In the rest of the futures segment, there are some possible arbitrages. M&M for example is trading at 576 in spot and 562 in the futures segment. Since the stock looks bullish, a June future may be lucrative since the differential must disappear. Infosys is trading at 2320 in the futures segment and at 2313 in spot. The stock looks as though it could dip further and selling the June future would work in this case. |