Web special: Wipro stock futures witness unwinding of longs

Check out the F&O trends and strategies for select stocks with Shshank Mehta, Derivatives Strategist at Shah Investors' Home

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Tulemino Antao Mumbai
Last Updated : Oct 23 2013 | 3:06 PM IST
Check out the F&O trends and strategies for select stocks such as SBI, Rel Comm, Wipro, Gail and Bank of Baroda with Shshank Mehta, Derivatives Strategist at Shah Investors' Home:

SmartInvestorMarkets seems to be facing tough resistance at current levels. What is your call on the Nifty for Oct options expiry?

Shshank MehtaWe observe Nifty Futures facing strong resistance at 6225 levels. We believe that any reversal will take strong support at 6080 levels and we therefore expect Oct%u201913 expiry to be around 6100 levels. This view is in tandem with Nifty Options data where we observe relatively higher confidence in writing Puts at 6100 strike.

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SmartInvestorWipro has witnessed profit taking today after recent gains. Is there unwinding of long positions in the stock? What is your call for Oct futures expiry?

Shshank MehtaYes there has been long unwinding due to which we saw the stock futures cooling off from its recent rally. We believe that WIPRO will again become a BUY on a decisive close above 515. Till then traders with a bullish view or holding long positions should be prudent in booking profits in WIPRO.


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First Published: Oct 23 2013 | 3:01 PM IST

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