The Nifty index opened positive but follow up buying was missing at higher levels and it got stuck in a range of 40-50 points for the entire trading session. It has formed a contradicting pattern on the daily scale which suggests initialization of sideways momentum. Now till it holds above 10680, it can extend its up move towards 10780 - 10800 zones while a hold below 10680 could drag it towards 10638 then 10600 zones.
Last Close: Rs 1059
Stop Loss: Rs 1020
Target: Rs 1130
Retest of previous breakout creates buying opportunity and it is trading above 50 & 200 EMA in all the time frame which indicates strength.
Last Close: Rs 238.70
Stop Loss: Rs 232
Target: Rs 253
It has been respecting rising trend line and surpassed its 50 DEMA. Spike in volumes and RSI has given positive cross over.
CONTAINER CORPORATION OF INDIA
Last Close: Rs 1399
Stop Loss: Rs 1373
Target: Rs 1451
It has given Inverse Head & Shoulder breakout on daily chart with surge in volumes and RSI has given positive cross over above 60 zones which indicates positive momentum.
HINDPETRO - BULL CALL SPREAD +310-320
BUY HINDPETRO 1 LOT OF 310 CALL
SELL HINDPETRO 1 LOT OF 320 CALL
NET PREMIUM PAID: 3.55
MAX RISK: 3.55 (Rs. 5591/-)
MAX REWARD: 6.45 (Rs. 10159/-)
The stock is turning from deep oversold territory
It has reversed from its double bottom support of 290 zones
Huge shorts are seen in the counter so hold at current level might attract short covering activity.
Max Put OI is seen at 300 strike which suggest shift of support to higher level