Nifty opened on a positive note in yesterday’s session
continuing the momentum of Monday’s trade. Nifty witnessed
strength through out the session as short covering amid with
fresh buying was prevailed in index heavyweight. The breadth
of the market ended on strong note at 922:260 suggesting
buying witnessed in mid-cap and small-cap stocks as well. Nifty
Januay futures have witnessed accumulation of long positions;
January futures have added 60 lakh shares in open interest
along with significant increase in premium to 33.35 points from
16.45 points. The rollover in the market stands at 60.71% while,
Nifty rollover is at 70.62 %. On the options front, Nifty Dec 6000
call options have seen closure of short positions while, Dec
6000 put options witnessed buying suggesting market to reamin
highly volatile.The market is expected to open on flat to positive
note today ; trader are advised to assume long position if Nifty
sustains above 6050 levels for immediate targets of 6110 and
6180 levels.
We have a Bullish view on Reliance. We recommend a Protective Put strategy:
o Buy One Reliance Jan Fut @ 2930-2934
o Buy One Reliance Jan 2900 PA @ 100-104
o BEP: 3034
o Investment: Rs.83,000 (Approx)
o Time Frame: 6-8 Days
Reliance Buy 2865-2875 with sl 2840 target 2960-2970 for 4-5 Days