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Go short on M&M: Angel Broking

SI Reporter/Mumbai 04 Sep 12 | 09:00 AM

The Nifty futures open interest increased by 1.02% while BankNifty futures open interest is increased by 1.18% as market closed at 5253.75 levels. The Nifty September future closed at premium of 29.15 point against premium of 33.15 points. The Oct. series closed
at a premium of 57.15 points.

The Implied Volatility of at the money options is decreased from 16.28% to 15.60%. Nifty PCR-OI has increased from 0.90 to 0.91 levels. The total OI of the market is Rs 1,09,298 crore and the stock futures OI are Rs 27,367 crore.

Few of the liquid counters where we have seen high Cost-of Carry are VIDEOIND, MCDOWELL N, JSWISPAT, ONMOBILE and GUJFLUORO.

FII’s were net sellers in cash market segment; they were net sellers worth of Rs 55 crore On derivatives front they were net sellers in index futures with some unwinding of open interest indicating long unwinding done by them, while in index options they were net
buyers with decent buildup in open interest in yesterdays trading session.

On options front 5300-5700 call option has seen significant amount of buildup in open interest followed by some unwinding in 5800 strike price, while in put option 4900-5000 strike price have observed considerable amount of buildup in yesterday’s trade.

The counter of M&M has seen good amount of buildup in last few trading session. We feel majority of the buildup is on the shorter side and since the CoC is high the selling could be cash based. Hence we recoomend to go short on this stock at around Rs 762-766 levels with the target price of Rs 736 and stop loss at Rs 776.

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