Trading ideas (Time period: 1-3 days)

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Pee Vee
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Joined: Mon Dec 26, 2016 10:45 pm

Trading ideas (Time period: 1-3 days)

Post by Pee Vee »

HEROMOTOCO March Future (Sell below Rs 3140 for Target of Rs 3050, SL at Rs 3180): Stock has formed a classic bearish evening star pattern on the daily charts after it took resistance at its 200-DMA (3212), which also coincides with 61.8% retracement of ongoing downside move. The hourly charts too gave a breakdown from a rising trendline confirming our negative stance. We advise to SELL HEROMOTOCO March Future below Rs 3140, Stop Loss at Rs 3180, and Target of Rs 3050.

Derivative strategies (Time period: Till expiry)

Buy SAIL March future @ 61.25-61.5, Stop Loss 60 & Target 62.5-62.75.

Derivative Snippets

In the last trading session, markets closed on a negative note. Minor hint of put buying was visible in Nifty ATM/OTM put strikes.

Short selling was witnessed in the weekly Bank Nifty 20500PE and 21000CE strikes, indicating of a rangebound trading activity going forward.

FIIs were net buyers in cash market segment to the tune of Rs 1146 crore.

FII’s index future long/short ratio at 4.7x in contrast to 0.46x for the Retail clients.
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