Web exclusive: ITC may bounce back and move towards Rs 330 levels

Check out the F&O trends for select stocks with Chandan Taparia, Derivative Analyst at Anand Rathi

Check out the F&O trends for select  stocks such as ITC, Tata Motors, Tata Comm, Sesa Sterlite and Tata Power  with Chandan Taparia, Derivative Analyst at Anand Rathi:

SmartInvestor:Markets are trading flat ahead of the Dec F&O expiry on Thursday. The Nifty had topped the 6,300 mark yesterday. What is your call on the Nifty futures for January expiry?

Chandan Taparia:Nifty future has been trading in a range, it had recovered from 6150 levels but finding supply around 6320 to 6335 zone. Max Call OI is intact at 6300 strike and because of that pressure seen at every rise above 6300 levels. Nifty future has seen rollover of around 55% with better roll cost which is a sign of overall positive trend for the market. Traders can play in Bull Call spread to catch the market momentum with limited risk in next series.

SmartInvestor:ITC is witnessing activity in the options segment today. The stock seems to be facing tough resistance above Rs 320 levels. What is your call on the FMCG major for Jan options expiry?

Chandan Taparia:ITC is falling down from last three series but now it seems that selling is over and it may see bounce back move towards 330 levels, traders can do covered call by buying future and selling 340 strike call.

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