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You are here : IndiaNotes >> Research & Analysis >> Companies >> Wipro Ltd. >> Research

Derivatives: Buy Wipro; Sell Wockhardt

Way2wealth | 03 Jan, 2018  | Follow Author | Add to my Favourites 
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Nifty opened with positive gap of almost 50 points in yesterday’s trade but failed to sustain at higher levels. Profit booking was seen in banking, realty, oil&gas, cement and pharma sector that dragged indices in negative zone and thereafter for entire session nifty traded in narrow band of 30-40 points with no clear direction and finally closed with gain of 6 points.


- Fresh short positions were initiated in nifty and bank nifty fut. in yesterday session from higher levels. Nifty fut added almost 1.55 lakh shares in OI and premium reduced to 30 points from 62 a day before.


- Long unwinding pressure was seen in telecom, realty, cement, textile and tyre sector, Major profit booking was seen in stokcs like rcom, hdil, icil, wockpharma, m&mfin and havells.


- Short accumulation was seen in banking, infra, oil marketing and nbfc sector. Eichemot, torntpower, bpcl, muthootfin, gsfc and canbk were some of the stocks that added fresh shorts.


- Selected buying interest was seen in stocks like tvsmotor, tataelxsi, dishtv, jisljaleqs, techm and wipro.


Markets are expected to open on flat note in today session and thereafter will continue to trade in narrow band of 10400-10490 levels. On higher side call writing at 10500-10600 strike option will act as stiff supply zone for indices whereas put writing at 10300 will prove as strong support for nifty in short term.


Recommendation


Script                 Action         Initiation          Target         SL


WIPRO                 BUY          Around 310       324         304

WOCKPHARMA    SELL         Below 900        870         916


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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.

 

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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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