DERIVATIVE INSIGHT:
NIFTY though snapped the winning streak, but it's still holding strong above 10000 levels. With VIX again lowering levels down to 28 nearly, BULLs yet have all the reason to cheer up. FIIs data participation was also light again ,which suggests indecisive movement for the market now.
NIFTY OPTIONS data on the weekly expiry saw support base shifting higher from 9500PE to 9800PE now, with 10000 and 10100 strikes being the most strikes respectively. On the CE side, 10300CE has max OI exposure and also is the most active strike adding more than 10 lakh shares OI fresh. Thus the data indicates that we still have some steam left for the run and might test 10300 zones now, with immediate support levels at 10000, followed by 9800 zones for the week ahead.
BANKNIFTY options data looks very positive, with 19000PE having max OI exposure, and 20000PE being the most active one. CE writers active at 23000/22000/23500 strikes respectively, which clearly reflects with immediate support of 19800, one can look for higher targets in the Index uptil 23000 going ahead.
ACTIONABLE IDEA:
NIFTY: Buy with a strict SL of 9950, TGT 10200/10300 zones.
BANKNIFTY: BUY for a long term view of 23000 zones. Immediate basis but towards 20000 zones, TGT 21000/21500/21800.
STOCK IDEAS on WEEKLY basis:
Longs : RELIANCE, SUNPHARMA, TATASTEEL, NMDC, LUPIN, TITAN, SBIN, BATAINDIA, HDFCBANK, ICICIBANK, L&TFH, ESCORTS.
Shorts: ASIANPAINT, BAJFINANCE, JSPL,DRREDDY.