AgenciesAmit Trivedi, YES Securities
Post Friday’s recovery from 13,400, the Nifty opened on a positive note. However, inability to surpass the 13,600-mark erased early gains. Eventually, the Nifty formed another indecisiveness candle, failing to provide a close above Friday’s peak (i.e. 13,579). Nifty’s daily RSI turned neutral as Nifty consolidated above the 13,500 zone. Follow-up action post indecisive days needs to be closely watched as sustenance above 13,500 is essential to continue a northbound journey.
On the options front, significant open interest additions are visible at 13,600 Call and 13,500 Put strikes, which indicates that traders are not expecting any major move on either side.
Auto index continued its corrective phase.Series of negative close is visible for the straight fifth session. Media index outperformed most, gaining 2%.
Equity recommendation
Buy OIL India near Rs 114-116
Post Friday’s recovery from 13,400, the Nifty opened on a positive note. However, inability to surpass the 13,600-mark erased early gains. Eventually, the Nifty formed another indecisiveness candle, failing to provide a close above Friday’s peak (i.e. 13,579). Nifty’s daily RSI turned neutral as Nifty consolidated above the 13,500 zone. Follow-up action post indecisive days needs to be closely watched as sustenance above 13,500 is essential to continue a northbound journey.
On the options front, significant open interest additions are visible at 13,600 Call and 13,500 Put strikes, which indicates that traders are not expecting any major move on either side.
Auto index continued its corrective phase.Series of negative close is visible for the straight fifth session. Media index outperformed most, gaining 2%.
Equity recommendation
Buy OIL India near Rs 114-116
- Stop loss: Rs 109
- Target: Rs 126
- Post a few days of decline, the stock has resumed its uptrend. Appearance of a bullish candle with comparatively higher volumes suggests a shift of range on the upside.
- Stop loss: Rs 324
- Target: Rs 355
- With sustained moves above important averages, the stock has witnessed a positive breakthrough and is out of the consolidation phase. Positive follow-up action is likely to lift the stock towards Rs 355.
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
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