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Market Outlook - F&O - Amit Gupta, Head - Derivatives, ICICI direct

Posted On: 2020-07-03 21:46:25


Derivatives Weekly View (July 3): Consolidation expected above 10350 for target of 10750

Consolidation expected above 10350 for target of 10750

The Nifty witnessed good move above the June expiry level of 10280. The index is expected to consolidate above these levels, which may lead to a good move in specific stocks.

The noticeable Put base is currently at the 10300 strike, which also indicates towards noticeable support at these levels. The reducing volatility suggests the option writing trend, which may increase in the coming days. On the higher side, the Call positions are at the 10700 strike.

Bank Nifty: Positive bias to continue to prevail above 21000

The Bank Nifty managed to close the June series on a positive note and ended marginally below the monthly highs. Private and PSU banks saw covering, providing a boost to the index. The rupee appreciated sharply from 75.6 levels to 74.95 levels. We feel it will consolidate near these levels. This will provide the required boost to the banking and financials space.

The index started the July series with a discount of almost 100 points whereas the rollover was in line with the expectation. As the series progressed, the discount in the Bank Nifty narrowed marginally, pointing towards short covering.

Positional Future Recommendation

Long Cummins India (CUMIND) July future in the range of Rs. 406-408. Target: Rs. 448; Stop Loss: Rs. 382

Rationale

Cummins India has remained largely in the range of Rs. 380-410 in the entire June series. However, fresh OI addition in the stock suggests positive bias coming in the stock. The open interest in Cummins increased sharply last week as it increased from 1.2 million shares to 1.7 million shares. The current OI in the stock is almost closer to the OI seen in March, suggesting long build-up. We expect the ongoing momentum to continue in it. It is likely to move towards Rs. 450 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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