Technical view trading ideas stocks

Pee Vee
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Technical view trading ideas stocks

Postby Pee Vee » Fri Mar 24, 2017 11:12 am

Technical view: Nifty will attempt 9119 and if crossed will see resistance around 9150, while 9070 will act as strong support on the downside. Bank Nifty was clearly a struggler with 20700 now acting as key support while 21200 will act as resistance on the upside.

Trading ideas (Time period: 1-3 days)

MPHASIS (Buy above 602, for Target of 630, Stop Loss at 587): Mphasis is in a higher top higher bottom formation on weekly charts since mid November 2016. Post the uptrend, the stock on daily charts consolidated for three weeks and has broken out from a continuation pattern. The breakout comes with decent uptick in volume too. We advise to Buy Mphasis above Rs 602, Stop Loss at Rs 587 and Target of Rs 630.

Derivative strategies (Time period: Till expiry)

Buy Reliance Capital March Future @ 610-613, Stop Loss 597.5 and Target 621-623.

Derivative Snippets

Nifty continue to hold the psychological support of 9000 in yesterday’s trading session. Short selling was witnessed throughout all the OTM Nifty put strikes. Nifty 9000PE adds ~7.3 lakh shares in open interest. Marginal hint of short covering was seen in Nifty 9100, 9200 call option strikes.
FIIs were net buyers in cash market segment to the tune of Rs 1094 crore.
FII’s index future long/short ratio at 3.5x vs 3.6x.

Call Success

TVS Srichakra Limited - Call Success
Reco Price: Rs 3050-3080, Call Closure Price: Rs 3590

We had recommended a buy on TVS Srichakra Limited in our Idea to Act report dated March 15, 2017 with a target price of Rs 3050-3080. The stock hit high of Rs 3720 on March 23, 2017. The total return delivered since recommended price of Rs 3050-3080 stands at ~17% within 9-days. We recommend traders to book profit.


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