F & O Strategy: Manappuram Finance to Biocon – Rupak de Sugges Buy or Sell Strategy for these Stocks – 16 June

Stock Market Today: The domestic Benchmark Indices, Showed Little Movement at the Open on Monday, Following Two Consecurable Days of Losses, as ongoing Conflict Betwen Israel and Iran Limited Investigation Enthusiasm.

The nifty 50 rose by 0.06% to reach 24,732.35, while the bse sensex decreased by 0.1% to 81,034.45 at 9:15 IST.

Both Indexes Reported Weekly Losses on Friday Due to Israel’s Military Actions Against Iran Intensifying Tensions in the Middle East. Over the weekend, both nations conducted new attackers, resulting in Civilian Casualties and Heightening Fears of a Wider regional conflict. Other Asian Markets Remained Dull, as the MSCI asia ex-Japan Index Slipped by 0.1%, while Oil Prices Increased Due to Supply Worries Linked To The Geopolitical Unrest in the OIL-Arich Middle East.

The Rise in Oil Prisis Poses Challenges for Commodity Importers like India, as Crude Oil Represents a Substantial Port of the Country’s Import Expenses.

On the f & o segment, rupak de of lkp security, has suggested manappuram finance ltd, biocon ltd, and karur vysya bank ltd.

Technical views by rupak de, Senior Technical Analyst, LKP Securities on F & O Market:

Nifty 50

Nifty 50 witnessed a sharp decline, Breaking Below Its 21-Maha, A Crucial Short-Term Moving Average. However, it managed to find support is the recent consolidation zone, resulting in a strong intraday rebound. If the index holds Above The 24,700 Mark, The Recovery May Gather Further Momentum, potentially pushing it towards 25,000 in the Near Term. On the flip side, a sustained movie below 24,700 unionte bearish Sentiment and Increase Downside Pressure.

Open Interest Analysis: Good Additions Were Seen in the Open Interest at the 24,700 put; Apart from that 24,600 and 24,500 strikes witnessed divent put addition. While Call Writers Added Substantial Positions at the 24,700 striks on Friday. Maximum Call Open Interest was Seen at the 25,000 strike, whereas maximum put open interest was seen at 24,500, indicating a broader range for the market. Currently the call writers are outnumbering the put writers for current weekly expiry.

Strategy: Strength Increases If Nifty Sustains Above 24700 in the first hour.

Trade: Buy Nifty 19 June 24800ce Above 140 TGT 200 Sl 100.

Buy manappuram finance @ 277–280 | Target: 320 | Stop-Loss: 259

The stock has been formed a distorted head and shoulders pattern on the weekly chart, resulting in a sharp upward move. Recently, it has broken out of a consolidation phase, reinforcing the bullish sentiment. Given the evidence demand, any pullbacks should be considered as boying options in the Near Term. Key support lies at 259, and long positions may be initiated with a stop-live this level. On the UPSIDE, The Stock Holds Potential to Reach 320.

Buy Biocon @ 356 | Target: 385 | Stop-Loss: 344

Biocon has broken out of a consolidation pattern on the daily chart, suggesting renewed bullish bullish Momentum. The stock has also crossed Above Its 200-Day Moving Average, Indicating a Possible Medium-Term Trend Reversal. The rsi has entered a bullish crossover and is trending upwards, further supporting the positive outlook. The Technical Setup Remains Robust, with a Near-Term Target of 385. However, a Breach below the support at 344 could weaken the bulish view.

Buy Karur Vysya Bank @ 248 | Target: 272 | Stop-Loss: 234

The stock has witnessed a flag pattern breakout on the weekly chart, highlighting a resurgence in buying interest. It Continues to Trade Above Its 200-Day Moving Average, Indicating a Shift Towards a Bully Trend in the Medium Term. The Daily RSI is in a Bully and Rising Steadily, Underlining Positive Momentum. The Technical Structure Remains Strong, With the Stock Expected to Move Towards 272 in the short term. Support is placed at 234; A decline below this level may negate the current bullish outlook.

Disclaimer: The views and recommendations about individual analysts, experts and broking companies, not of mint. We Advise Investors to Check With Certified Experts Before Making Any Investment Decision.