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You are here : IndiaNotes >> Research & Analysis >> Companies >> Sun Pharmaceutical Industries Ltd. >> Research

Derivatives: Buy Sun Pharma, Sell Tata Steel

Way2wealth | 25 Jan, 2018  | Follow Author | Add to my Favourites 
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After a continuous upward movement of last 5 trading yesterday, yesterday finally indices took a breather and consolidated in narrow band of 50-60 points. From higher levels profit booking in private bank, metal, capital goods, realty and nbfc sector kept indices under pressure and finally closed around 11086 up by minor 2 points.


- From higher levels, short accumulation was seen in nifty fut. whereas banknifty fut. saw long buildup. Nifty added almost 5.20 lakh shares in OI and Feb fut. premium reduced to 19 points from 25 a day before.


- Fresh short positions were added in housing finance and capital goods sector. Stocks like mcdowells, m&mfin, bhartiartl, idea, gmrinfra and mfsl saw short accumulation.


- Long positions were initiated in psu banking, pharma and midcap IT sector. Major addition was seen in stocks like amarajabat, syndibank, fortis, gail, hcc and exideind.


- Profit booking pressure was seen in cement and metal sector. Dhfl, jindalstel, vguard, jet airways, apollohosp and rcom saw long unwinding in yesterday’s session.


Markets are expected to open on flat note in today’s session and thereafter will continue to see profit booking pressure at higher levels. Being the last day of Expiry, indices will be very volatile in second half of session and selling pressure can be seen ahead of long weekend. Traders are advised to keep strict stop losses in trading positions.


Recommendation


Script                   Action         Initiation         Target         SL


TATASTEEL          SELL         Around 764        754         770

SUNPHARMA       BUY          Around 582        604         576


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About Way2wealth

Way2Wealth today has established itself as one of India’s ‘Premier Investments Consultancy Firms’, known for making investing simpler, more understandable and profitable for the investors. They offer a wide range of products & services viz: Equity, Derivatives, Currency Futures, Commodities Trading, IPO's, Mutual Funds, Portfolio Management Services & Depository Services.

 

For more information please write in to [email protected]

Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor IndiaNotes.com accept any liability whatsoever arising from the use of any of the above contents.




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