Trading ideas (Time period: 1-3 days)
Posted: Thu May 04, 2017 6:30 pm
VIP Industries (BUY Above 210 for Target of 221, Stop Loss at 204.5): After consolidating for over four weeks, the stock has finally broken out from a Symmetrical Triangle Pattern on the daily chart. The price outburst has been accompanied with smart uptick in traded volumes. Even the RSI has reversed from the 60 mark indicating strength in the current price up move. We recommend to buy VIP Industries for target of Rs 221.
Derivative strategies (Time period: Till expiry)
Sell VEDL May Future @ 240.5-242.5 Stop Loss @ 247.25 and Target 236.5-237.
Derivative Snippets
In the last trading session, markets ended on a lacklustre note. PSU Banks took center stage as the Government gave positive signals on creation of Bad Bank to deal with NPA issues. Muted action was seen in Nifty option strikes as markets remained flat. Weekly Nifty Bank OTM option strikes remained under selling pressure, indicating of a range bound activity in today’s expiry day trading session.
FIIs were net sellers in cash market segment to the tune of Rs 518 Cr.
FII’s index future long/short ratio at 5x vs 5.2x.
Call Success
Oriental Bank of Commerce - Call Success
Reco Price: Rs 145-152, Target: Rs 180, Second Target: Rs 190
We had recommended a buy on Oriental Bank of Commerce in our Idea to Act report dated April 11, 2017 with target prices of Rs 180 and second target of Rs 190. The stock hit high of Rs 180.35 on May 3, 2017. The total return delivered since recommended price of Rs 145-152 stands at ~21.2% within 1-month. We recommend traders to hold on to long positions for our second target of Rs 190.
IIFL
Derivative strategies (Time period: Till expiry)
Sell VEDL May Future @ 240.5-242.5 Stop Loss @ 247.25 and Target 236.5-237.
Derivative Snippets
In the last trading session, markets ended on a lacklustre note. PSU Banks took center stage as the Government gave positive signals on creation of Bad Bank to deal with NPA issues. Muted action was seen in Nifty option strikes as markets remained flat. Weekly Nifty Bank OTM option strikes remained under selling pressure, indicating of a range bound activity in today’s expiry day trading session.
FIIs were net sellers in cash market segment to the tune of Rs 518 Cr.
FII’s index future long/short ratio at 5x vs 5.2x.
Call Success
Oriental Bank of Commerce - Call Success
Reco Price: Rs 145-152, Target: Rs 180, Second Target: Rs 190
We had recommended a buy on Oriental Bank of Commerce in our Idea to Act report dated April 11, 2017 with target prices of Rs 180 and second target of Rs 190. The stock hit high of Rs 180.35 on May 3, 2017. The total return delivered since recommended price of Rs 145-152 stands at ~21.2% within 1-month. We recommend traders to hold on to long positions for our second target of Rs 190.
IIFL