Sell on opening for new low later half
Due to Collapse in ASIAN & American Market , the Stock May Open 6 to 7% Lower from It's Friday's Close.
But, in the Late Trade , We're Expecting, Sharp Recovery in this Counter.
RELIANCE IND
LAST CLOSE on Friday Was : 2321
Around 6 to 7% LOWER in Today Trade : 2160 to 2170
Then, Start Buying Around 2160 to 2180 level with New Stop Loss of 2103 , for 3 to 4% Gain in Today's Trade. The Stock is Bound to bounce back from here
Our market is likely to open on a weak note.
Traders are advised to assume long positions if Nifty holds 4600
levels. Else, short positions can be assumed below 4580 levels
for downside targets of 4500 and 4450 levels
Nifty March Futures have shed 23 lakh shares in open and
turned into a premium of 1.15 points from a discount of 26.30
points suggesting closure of short positions in Index Futures.
The overall market witnessed a shed off of 0.38% in open
interest with an increase in average cost of carry from -10.41%
to 2.84% indicating closure of short positions in majority of Stock
Futures. On the Options front Majority of Nifty Call and Put
options have seen writing while a Put options of lower strikes
seen closure of long positions suggesting that market may
remain rangebound with positive bias
1.) REL: REL Futures have shed 19.86 percent in open interest along with a decrease in cost of carry from -12.27
percent to -19.86 percent indicating closure of long positions which are stuck at higher levels. Short positions can be
assumed in the stock below 1250 levels for immediate targets of 1220 and 1190 levels with a stop loss placed above
1285 levels.
2.) RPower: The stock shed 6.35 percent in open interest with significant increase in cost of carry from -24.23
percent to -0.83 percent indicating closure of short positions in the stock from lower levels. Short positions can be
assumed in the stock below 330 levels for targets of 320 and 312 levels with final stop loss placed above 328 levels.
3.) JP Associate: JP Associate Futures have seen closure of short positions in Friday’s session. The stock shed
3.61 percent in open interest with the cost of carry turning into positive at 7.14 percent from -5.36 percent. However,
the stock is likely to witness fresh build up of short positions in line with the market. Short positions can be assumed
in the stock below 230 levels for immediate targets of 224 and 216 levels with a stop loss placed above 236 levels.
4.) DLF: DLF witnessed fresh accumulation of short positions in Friday’s trade. The stock has seen 6.77 percent
addition in open interest with a steep fall in cost of carry from -19.78 percent to -50.47 percent. Short positions can
be assumed in the stock below 640 levels form targets of 620 and 605 levels with a final stop loss placed above 655
levels.
5) SBIN: The stock shed 5.10 percent in open interest with an increase in cost of carry from -1.38 percent to 6.97
percent indicating closure of short positions in the stock. Long positions can be assumed in the stock if it holds above
1580 levels for targets of 1650 and 1700 levels with a final stop loss placed below 1550 levels.
6) RPL: RPL Futures have added 3.95 percent in open interest with a recovery in cost of carry from -1.67 percent to
10.34 percent suggesting closure of short positions and addition of fresh long positions in the stock. The stock has
support placed at 150 levels and if this level is sustained, one may see upsides in the stock. Long positions can be
assumed around 150 levels for immediate targets of 160 and 165 levels with a stop loss placed at 143 levels.
8) ONGC: ONGC Futures have shed 7.28 percent in open interest with an improving cost of carry from -8.06
percent to 1.82 percent suggesting closure of short positions in the stock. The stock has an immediate support
placed at 950 levels and if it sustains above that, long positions may be taken. Long positions can be assumed
around 890 levels for immediate targets of 950 and 1000 levels with a stop loss placed at 830 levels.