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Derivatives Weekly View (September 18): Nifty likely to consolidate around 11500 in expiry week - ICICI Securities

Posted On: 2020-09-18 06:37:00


Nifty likely to consolidate around 11500 in expiry week...

The positive bias prevailed in the Nifty last week where it managed to test 11600. However, due to profit booking in a few heavyweights at higher levels, the Nifty could not hold on to its gains

Reliance Industries remained muted whereas selling was seen in metals, FMCG, HDFC Ltd and banking stocks. IT, auto and pharma continue to do well, which provided a cushion to the index at lower levels

Bank Nifty has strong support at 22000...

In the current leg of consolidation, the Bank Nifty continued to remain a laggard as it failed to find any sustainable momentum despite most private banks being near their support and highest Put base for the September expiry at 22000 levels.

A sharp sell-off was seen on the last day of the week due to which the Bank Nifty slipped below 22000. However, towards the end, on the back of OTM Put writing, the index managed to close well above 22000 along with a rise in premium over spot.

Positional Future Recommendation

Long Dabur India (DABIND) September future in the range of Rs. 505-510. Target: Rs. 545; Stop Loss: Rs. 486

Rationale

In the ongoing consolidation around 11500, stocks specific high volatility is evident. While most FMCG stocks failed to participate in the recent up move, Dabur India has seen continued buying support at every decline. The stock had a significant Call base at 500 and 510 strikes for the September series while closure of Call writing positions was seen in the last session indicating expectations of a continued up move. Even the open interest has risen sharply in the last few sessions suggesting long build up. We expect the current uptrend to find momentum in the coming sessions. It is likely to move towards Rs. 540 in the near term.

For details, click on the link below: https://www.icicidirect.com/mailimages/Derivatives_view.pdf


Source: Equity Bulls

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