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On F&O trends
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Shshank Mehta
Derivatives Strategist, Shah Investor's Home LtdDate : 30 May 12 | 10:00 AM |
| Smartinvestor : Hi, this is Puneet Wadhwa and we have Shshank Mehta Derivatives Strategist, Shah Investor's Home back with us for the Talk Show today morning |
| Smartinvestor : Good morning Shshank and welcome back |
| Shshank Mehta : Morning! Puneet |
| Smartinvestor : The markets have started the day on a weak note ahead of the F&O expiry tomorrow. What trends for the Nifty are you picking up at this stage? |
| Shshank Mehta : We acknowledge the weakness that is building-up in the markets, a close be 4920 will confirm the succeding sell-off. We observe short positions building up in Open Interest of Nifty. Also, the concentration in Nifty Options for the next Series is seen forming a range of 4500-5000. |
| Smartinvestor : Can you highlight a few stocks from the Nifty pack where you see an important / interesting rollover trend? |
| Shshank Mehta : Sure, we observe short rolls in Banking pack particularly in ICICIBANK, AXISBANK and SBIN; RELIANCE is another counters where we observe strong T-2 rolls skewed on the short side. |
| Smartinvestor : Tata Motors has been hammered badly after it announced its results. What do the days ahead have in store for this counter? |
| Shshank Mehta : We believe there is more down side to TATAMOTORS and support will seen only around 222-224 levels. Unwinding in Puts at lower strikes suggest loss of confidence among Bulls in this counter. |
| Smartinvestor : What about ONGC and Sail? |
| Shshank Mehta : SAIL has seen a meteoric rise in its Futures Open Interest hinting at a sharp move either side. However, we are biased when it comes to SAIL and believe that the sharp move will be on the downside to again test 85-87 levels, which is a strong support level for SAIL. ONGC on the other hand is seeing a bout of fresh long addition in its Open Interest and more upside left. We believe ONGC can directionally go up to 269-271 levels from it current levels. |
| Smartinvestor : Thanks, Shshank for your time and advice. Please give us your disclosures (if any) |
| Shshank Mehta : We may have positions in the above mentioned counters or may have recommended the same to our clients. |
| Shshank Mehta : Thank you! for allowing me to share our views with traders and investors. |
| Shshank Mehta has logged out at 30-May-2012 10:29:19 am |
| Smartinvestor has logged out at 30-May-2012 10:29:21 am |
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