Check out the F&O trends in select stocks such as Tata Steel, HCL Tech, PNB, BPCL, HDFC with Shshank Mehta, Independent Derivative Analyst:
SmartInvestor:Markets have given a breakout after consolidation in the past few sessions. However, the Nifty which was trading near 6,100 levels has come off its day's highs. What is your take on the market and your strategy for Nifty Feb options expiry?
Shshank Mehta:I observe today's upmove as a struggle by the bulls that would meet success if we see a decisive close above 6125-6130 levels. Nifty Futures current Series was seen adding only about 5 lakh units in its Open Interest in the previous two trading sessions hinting at indecisiveness at a high.
Shshank Mehta:Options Strategy for to go for would be: Sell one lot Call at 6200 and 6300 strike each; Buy one lot Put at 6000 strike. Hold this trade till Nifty does not give a decisive close above 6230.
SmartInvestor:Tata Steel is seeing some action in the options segment today. What is your view on the stock and the strategy for Feb options expiry?
Shshank Mehta:TATASTEEL saw a strong momentum after it breached the barrier of 365-368. I continue to remain bullish on the counter.
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