Check out the F&O trends in select stocks such as Bharat Forge, Zee, IDFC, BHEL and L&T with Chandan Taparia, Derivative Analyst, Anand Rathi:
SmartInvestor : Markets have extended gains today and the Nifty is trading way above 7,600 level as of now. What strategy can traders adopt for July options expiry?
Chandan Taparia : Nifty futures has been heading upwards for last 6 consecutives expiries. It started its Bull run in the Jan 2014 series and that momentum is still intact in the market. We are observing from last many series that market takes support near to previous expiry close and makes new record highs. This time also till it doesn’t go below June settlement of 7493 levels, trend and bias is intact to positive. It is near to its major hurdle of 7700 zone and above that a fresh bull run led by pre budget rally may take it to 7800+ levels. Looking at Option data, maximum Put OI is at 7000 followed by 7500 strike. Fresh Put writing at 7500 strike indicates that 7500 zone is now likely to act as an immediate support zone.
SmartInvestor : IDFC is also active in the options segment with contracts at strike price of Rs 140. What is your strategy for the stock for July options?
Chandan Taparia : IDFC is making a triangle formation on the daily charts along with long accumulation seen near to 125 levels. It has crossed the falling trend line hurdle of 132 levels till the stock holds above 132 levels it can move towards 141 to 145 levels. Fresh activities seen in 140 strike and traders can trade the same to play the momentum.
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