Trading ideas (Time period: 1-3 days)
Sterlite Technologies (Buy above 137, for Target of 144, Stop Loss at 133.5): After consolidating for over 10 weeks, the stock has finally broken out from a consolidation phase. The price outburst has been accompanied with credible volumes. The stock is also convincingly sustaining above the short term averages further accentuating out bullish stance on the stock. We advise to Buy Sterlite Technologies above Rs 137, Stop Loss at Rs 133.5 and Target of Rs 144.
Derivative strategies (Time period: Till expiry)
Sell Tata Power April Future @ 85-85.5, Stop Loss 87.25 and Target 83.5-83.75.
In the last trading session, Bank Nifty index closed at a record high as call option writers ran for cover. Fresh long positions were created in Bank Nifty Future as open interest surged higher. Bank Nifty 27April 21500 put options added fresh short position to the tune of ~1 lakh share, indicating of a floor price for the index in 27April2017 F&O series.
FIIs were net sellers in cash market segment to the tune of Rs 751 Cr.
FII’s index future long/short ratio at 2.8 x vs 2.9x.
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