Friday, June 22, 2012

Recommendations for 22-Jun-12

Tata Steel - Spot:
Except for the volms, the stock seem to be on its way to touch 440-445 level.
CMP is 430. For tomorrow the pivot point is 428.3 with the support in the region 424.65 we will wait for the stock give us clear direction of the trend after the first 30 mins.

Tata Steel - F&O data:
Futures data shows Price is going UP but Open Int. is coming DOWN, indicating Long unwinding. this trend is observed for the past 4 days.
Options data : ITM CE 420 saw the price up but highest decrease in open interest also indicating that long positions are being exited. Options data suggest resistance at 440 and support at 400. Trade accordingly.


GMR Infra - Spot:
This stock seems to be positioned to give a breakout, CMP is 22.75
For tommorow the Pivot point is 22.50 with support at 22.20
Go long if price gives a good breakout after the first 30 mins for a target of 25.50 and 26.50

GMR Infra - F&O data:
Futures data is not indicating any clear view.
Options data is suggesting support at 20 and resistance at 22.5. The highest open interest addition was seen in the OTM PE 22.50 with price being down, indicating short positions taken by 22.50 Put writers. Hence this may be taken as a hint that should GMR Infra break 23 price barrier it may further touch 25-26, which is the next logical resistance on the spot price charts. as shown below....