 "Nifty outlook and top stock picks by Motilal Oswal Securities")
Nifty outlook and top trading ideas by Chandan Taparia, Derivatives & Technical Analyst, Motilal Oswal Securities:
Nifty Outlook :
Nifty index formed a higher wave Doji Candle as traded in a wider range of 10514 to 10638 level. It witnessed buying interest in morning but it decline in last hour of the session. It witness profit booking at higher levels as it got stuck in the grip of option writers ahead of the April derivatives expiry. Now till it remains above 10480-10500 zones, it has potential to move towards 10630 then 10700 levels.
Stocks:
Stocks:
DALMIA BHARAT
Reco: BUY
Last Close: 3002
Stop Loss: 2942
Target: 3125
Consolidation breakout after eleven weeks, trading above 50 and 200 EMA which indicates strength.
AUROPHARMA
Consolidation breakout after eleven weeks, trading above 50 and 200 EMA which indicates strength.
AUROPHARMA
Reco: BUY
Last Close: Rs 643
Stop Loss: Rs 630
Target: Rs 670
Pole and flag breakout with rising volume and RSI above 60.
Pole and flag breakout with rising volume and RSI above 60.
ZEEL
Reco: BUY
Last Close: Rs 595
Stop Loss: Rs 583
Target: Rs 620
Small triangle breakout and given highest close from last ten weeks.
Small triangle breakout and given highest close from last ten weeks.
BULL CALL LADDER SPREAD:
BUY 1 LOT OF 10550 CALL @ 54 POINTS
SELL 1 LOT OF 10600 CALL @ 30 POINTS
SELL 1 LOT OF 10650 CALL @ 14 POINTS
NET PREMIUM PAID : 10 POINTS
MAXIMUM PROFIT 40 POINTS IF IT EXPIRES IN BETWEEN 10600 TO 10650
UNLIMITED RISK IF IT EXPIRES ABOVE 10690
HEDGE : BY BUY FUTURE IF IT GOES ABOVE 10680
RATIONALE:
Maximum put oi is intact at 10500 strike which could hold the market on decline
Maximum put oi is intact at 10500 strike which could hold the market on decline
Intact call writing at 10650-10700 could restrict its upside move
Thus, suggesting bull call ladder spread to play the positive to range bound
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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