Check out the F&O trends in select stocks such as RComm, Tata Steel, RIL, ZEEL, BHEL with Chandan Taparia, Derivative Analyst, Anand Rathi:
SmartInvestor : Markets have remained range bound since early trades. What is your take on Nifty for June options expiry?
Chandan Taparia : Nifty future has rallied by around 6% from 7235 to 7700 levels in the June series but failed to cross and hold above 7700 levels and now hovering near to 7550 levels with series gain of around 4%. We have mentioned the support at around 7522-7500 zone in last talk show and that levels is still working well from last six trading sessions. If it fails to hold 7520-7500 zone then only immediate consolidation move may turn into selling mode and in that case Nifty may drift down towards 7400-7350 levels. On upside it has immediate hurdle at around 7620 and major resistance zone at 7700 levels. Market is now finding sustain supply and we are getting hit by the negative sentiment from overseas nations with changing equation of Rupee – Dollar and crude price, so it’s better to either reduce the position or hedge the long position by Nifty 7500-7300 Bear Put Spread. When in doubt better to get out or be with the hedging activities as it’s a tug of war and Bull as Bears both are fighting hard to get the goal on their side.
SmartInvestor : Rel Comm is also active in the options segment. What is your strategy for June options expiry?
Chandan Taparia : Rel Comm is up by around 7% in this series and now consolidating in a range with immediate hurdle at around 155 levels. It has to cross and hold above 155 to start next round of momentum. It has huge option activities and observed fresh Put writing at 140 strike which will hold the stock above 140 levels for next coming sessions.
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