Near term resistance for Nifty seen around 7,700: Chandan Taparia

Check out the F&O trends in select stocks with Chandan Taparia, Derivative Analyst, Anand Rathi

Check out the F&O trends in select stocks such as Tata Motors, Wipro, RComm, TechMah, Aurobindo Pharma with Chandan Taparia, Derivative Analyst, Anand Rathi



SmartInvestor : Markets seem to consolidate after recent gains. However, the Nifty continues to hold above 7,600 levels as of now. What is your call on the Nifty for June options expiry?
    

Chandan Taparia : Nifty future has rallied well in last 3-4 months and momentum is strong with sustain buying interest. We have seen fresh Put writing at 7600 & 7500 strike which will try to hold the market above 7522-7500 zone. On higher side it has immediate hurdle at around 7700 levels and above momentum can extend towards 7800-7825 levels. Market is in grip of call and put writers and till it holds above 7525, use any decline to add the position or play the stock specific move.

    
SmartInvestor : Tata Motors is witnessing action in the options segment today. What is your strategy for the auto major for June options?
    
Chandan Taparia : Tata Motors has seen rally from 410 to 455 levels but finding hurdle at higher levels as fresh call writing seen at 460 strike. It has immediate support near to 435 and above 460 only a fresh move may be seen in the stock.
    
SmartInvestor : Wipro is also active in the options segment. What strategy can one adopt for the IT major for June options expiry?


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