Web special: ONGC can firm up to Rs 320 in near term

Check out the trends and strategies for select index stocks with Navneet Daga, Derivative Analyst at KR Choksey Securities

Check out the trends and strategies for select stocks such as ONGC, Sesa Sterlite, HCL Tech, Bank of India, Exide Indus with Navneet Daga, Derivative Analyst at KR Choksey Securities:

SmartInvestor : Markets hit all time highs in early trades today post the victory by BJP in the state elections. Are the levels sustainable after the sharp surge? what is your take on the Nifty Dec futures?

Navneet Daga : On Index Nifty had seen a sharp rise, but near to 6500 levels lot of resistance is visible for December series. Previous pending resistance levels of 6300-6350 zone on futures will act as strong support now for December series. Trading range will shift now towards 6200-6500 zone in near term.

SmartInvestor : ONGC seems to be one of the most active stocks in the options segment. The stock has firmed up above Rs 300 levels today. What is your call on the PSU exploration major for Dec options expiry?

Navneet Daga : ONGC had broken out of strong resistance area of 295-300 zone. Stock can firm towards levels of 320 in near term. Traders should look to buy OTM call of 310 strike price for December series.

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