As of 14:25 IST, The Sensex was at 82,538.79 points, Rising by 145.88 points or 0.18%, whose nifty 50 study at 25,146. 70 points, gaining 43.05 points or 0.17%.
According to ICICI Securities’ Jay Thakkar, the nifty 50’s down side has 25,000 as its immediate support. Thakkar recommends gail futures, tvs motor company futures, and recipe. Here’s what he says about the overall market.
Market Outlook by Jay Thakkar, Vice President & Head of Derivatives and Quant Research, ICICI Securities
Nifty 50
Nifty 50 has provided a breakout Above 25,000 Levels and it has managed to Close Above It for 3 Consecurate Trading Sessions Indicating that the UPSIDE PROBIBILY is higher. On the Lower Side, The Immediate Support is 25,000 and Below that 24,800, whereas, the target on the UPSide come to 25,300 on an immediati base and Above that 2500 Levels Until Next Whikek.
The diis has been born in the equity Cash Segment Since Past 16 Days and the Fiis too have havhe turned positive since Past 3 days, hence the Liquidity Flow Is Good In Equity Cash Segment. In the index futures, the fiis net long % is still 20 % only, hence some more short covering is expected since the nifty 50 and bank nifty have provided a breakout on the updered.
On the options front, these weekly contracts indicate that 25,000 is an immediati support as both 25,000 and 25,100 striks have strikes have huge huege put oi, whereas, on the upside on 25,200 has 25,200 have got Oi, the Highest Call Oi, the Range is 25,200 to 25,000 and whichver side it breaks out there will be minimum 200 points move there. Based on the recent upward breakout, the position of the range breaking up is high, hence we maintain our outlook positive for the index for the short term targets of 25,400 and 25,500 lowels.
Stocks to buy in the near -term – jay thakkar
Jay Thakkar of ICICI Securities Recommends Gail Futures, TVS Motor Company Futures, and Rec Foughtrs.
Buy Gail Futures in the Range of 199 to 197 for the targets of 210 with a stop loss of 193.90
Gail has been moving higher and it has taken off its multiple Swing resistance Increasing the probability of an UPSide. The shorts have been covered and now we are seeing long buy in the stock. The stock has a huege call base at 200 strike which taken off will lead to unwinding of calls thus helping the stock price to move higher. The stock is currently trading well Above Its 20-Vwap as Well as its Max Pain Levels, so on most of the parameters the balls have an upper hand.
Buy tvs motor company futures in the range of 2,810 -2,790 for the targets of 2,880 and 2,025 with a stop loss of 2,760
The stock was consolidating with a range insurance couple of weeks and now the breakout has come on the UPSIDE with Long Built Overall, Hence the Short to Medium Term Outlook is positive for the Stock. The correction in the stock was mainly due to duty booking and now with this breakout the passibility of an upside is higher. The stock has a strong call base at 2,800 levels, hence a breakout Above those levels will lead to further upward Momentum. The stock is trading just about Above its max pain level, however, it is well Above its 20-day vwap levels.
Buy recipe in the range of 424-426 for the targets of 440 with a stop loss of 418
The stock was consolidating for a long time, howyver, with the recent rate the stock has provided a breakout from the same coupled with long live built up as well. The initial fall was due to long unwinding followed by short built up, however, the shorts seems to have covered and now with this breakout there is a higher chance of long additions. Since, it is too oversold the stock is likely to bounce back until 440 levels which is near to its previous swing high.
Disclaimer: The Research Analyst or His Relatives or I-Sec do not have actual/beneficial owners Interest and do not have any material conflict of interest.
The views and recommendations provided in this analysis are that of individual analysts or broking companies, not mint. We Strongly Advise Investors to Consult With Certified Experts Before Making Any Investments Decisions, as Market Conditions Can Change Rapidly and Individual Circumstances May Vary.
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