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Market Outlook - F&O - June 26, 2020 - ICICI Securities

Posted On: 2020-06-28 18:02:53


By Amit Gupta, Head - Derivatives, ICICI direct

Derivatives Weekly View (June 26): Positive consolidation expected above 10200

The Nifty broadly consolidated above 10200 for the entire week. We believe this pattern will be followed in the coming week also. Positive consolidation should continue in the index.

The highest Put is now placed at the 10000 strike, which should remain a positional support. The highest Call base for the series is placed at 10500, which remains an intermediate hurdle.

Bank Nifty: Positive bias to continue to prevail above 20000...

Despite a sharp swing on both sides, the Bank Nifty finally managed to close marginally below its monthly high levels. However, after a seventh week expiry, the index managed to close above 21500, which was last seen in April.

Private and public banks supported the up move whereas stock like Axis Bank and Kotak Bank are trading near their sizeable Call base, which may keep the index move in check. However, in the current leg of the Bank Nifty rally, PSU banks remained in focus. The short OI left uncovered for the July series indicates more upsides.

Positional Future Recommendation

Long Page Industries (PAGIND) July future in the range of Rs. 20000-20200. Target: Rs. 22200; Stop Loss: Rs. 18800

Rationale

Page Industries has remained largely in a range since March between 18000 and 20000. Despite high volatility, it was able to hold these levels. Post its quarterly results, it has shown outperformance vis--vis the market as closure of short positions was experienced. The July series has started with relatively low OI. We believe fresh OI addition is likely to take the stock higher. The delivery based buying seen in the stock around Rs. 18800 levels is likely to provide strong support on declines. We believe the stock is likely to move above its consolidation range and may attempt to test the 22000 mark in the coming sessions.

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


Source: Equity Bulls

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