Check out the F&O trends in select stocks such as ONGC, L&T, ICICI Bank, Tata Steel, Tata Chemicals with Nitin Murarka, Head-Derivatives, SMC Global:
SmartInvestor : Markets have extended gains and have been trading firm with the Nifty holding above 7,500 as of now. What are the trends seen in Nifty June options and what is your strategy for the same?
Nitin Murarka : Nifty is trading Near to resistance of 7550-7600 zones. We are also not seeing aggressive open interest buildup in Nifty at current level. As in the rising market Nifty open interest is decreasing. That indicates that Future traders are booking profit at every rise. At this level I would recommend to have cautious strategy and we can see profit booking any day.7500 strike call has maximum open interest in the current series. As per derivative data it would be advisable to book some profit and avoid fresh buy position at this level. Nifty may dip to 7350 level. For option traders buying of 7500 and 7400 puts can be good strategy.
SmartInvestor : ONGC has been active in the options segment today. The stock has been in an uptrend in the previous few sessions. The oil major is seeing contracts at strike prices between Rs 440-450 as of now. What is your strategy for June options?
Nitin Murarka : Oil and gas sector is performing well today .ONGC is up by more than 6% with 5% increase in open interest indicates long buildup. Stock has given breakout above 420 levels today with good volume indicating continuation of uptrend. Stock can move up to 490 levels. Stock has support around 425 levels hence stop loss should be placed around 425. Buy on any dip strategy should be adapted as stock can move up to 490 levels.
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