Comments
I have long positions in ICICI August futures bought at 902 and Dish TV bought at Rs 51. Kindly advice - S. Priya Narayani
ICICI Bank: The outlook remains negative for ICICI Bank. It finds immediate support at Rs 802, which is crucial. Resistance appears at Rs 925.
F&O pointers : Trading in ICICI Bank futures points to accumulation of longs. Option trading indicates Rs 900 as crucial level.
Strategy: It is better to exit. If you can afford to bear a risk, hold with stop-loss at Rs 802, which is far from current level.
Dish TV: The outlook turned negative after the stock dipped below Rs 56. It now finds support at Rs 36 and likely to test that level.
F&O pointers: Fresh shorts were added on Thursday. Options are not active.
Strategy: Exit.
I bought one long position each of Dena Bank Aug futures at Rs 46.40, Oriental Bank at 137.20, Indian Overseas Bank at Rs 40.25 and Union Bank at Rs 115.10. Kindly advice . - Kishore
Dena Bank: It finds immediate support at Rs 37 and support at Rs 48. A conclusive close below the key support will weaken the stock to Rs 24. Only a close above Rs 89 will change the long-term outlook positive.
F&O pointers: Futures added fresh shorts. Options are not that active.
Strategy: Exit.
Oriental Bank: The outlook remains negative. Immediate support and resistance appear at Rs 134 and Rs 166.
F&O pointers: Fresh accumulation of short positions was seen. Options are not active.
Strategy: Hold with a stop-loss at Rs 134, and shift it to Rs 140, if it manages to close above that.
Indian Overseas Bank: It finds immediate support at Rs 37, failing which will trigger a new wave of selling. If it manages to rule above the support, IOB can reach Rs 72.
F&O pointers: Short accumulation was seen on Thursday. Options are not active.
IOB: Exit. If you are willing to take a risk, hold it with a stop loss at Rs 37.
Union Bank of India: Though the outlook remains negative for Union Bank of India, it is ruling at a critical juncture at this stage. One more conclusive close below Rs 116 will weaken to Rs 94. If it sustains the crucial support level, then it can climb to Rs 154.
F&O pointers: The counter added fresh shorts on Thursday. Options are not active.
Strategy: It is better to exit. If you can afford, hold your long with a stop-loss at Rs 116.
I am perplexed about my position taken in State Bank of India last week. I bought SBI 1900 call option at Rs 20, which is now down to Rs Rs 11.60. I request for your advice and guidance. - Devi Prasad Iyer
SBI: The outlook remains negative for State Bank of India despite a steep fall. It now finds support at Rs 1,635 and a close below that will drag the counter to Rs 1,345.
F&O pointers: Fresh shorts were accumulated ahead of result. Option trading suggests a movement between 1600 and 1700.
Strategy: You have bought a deep out-of-the call option. Only a sharp surge will help your position. It is better to exit.
Note: The analysis and opinion expressed in this column are based on F&O data available at this point of time and on technical analysis based on past price movements. There is risk of loss in trading.
Feedback may be sent to >blfuturesoptions@gmail.com
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