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Published on 24/06/2019 10:39:25 AM | Source: Religare Securities Ltd

Traders have no option but to prefer hedged positions - Religare Sec

Posted in Market Outlook| #Market Outlook #Religare Securities Ltd

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Nifty Outlook

Markets ended lower after the yesterday’s surge, in continuation to the prevailing corrective phase. The news of brewing tension between the US and Iran pushed the oil prices higher, which in turn triggered fall across the global markets including ours. The statement from the RBI governor that Indian economy has been losing traction and needs a decisive monetary policy further dampened the sentiment.

Participants’ reaction to lingering trade war scenario and geo-political tension are causing these ripples and it’s not going to fade away soon. Traders have no option but to prefer hedged positions and let the markets settle down. 

 

Stock in News

* M&M Financial Services announced that its subsidiary, Mahindra AMC has formed a JV with Manulife, an international financial services group. As per the agreement, Manulife will hold 49% stake in Mahindra AMC and Mahindra Trustee Company while 51% will be held by M&M Finance. The JV is formed to expand fund offerings and retail fund penetration in India.

* Aurobindo Pharma received a warning letter from the USFDA for its Unit XI, API manufacturing plant in Andhra Pradesh. Although the company believes that the existing business from this plant will not be affected, it will engage with the regulators and resolve the issue.

* Maruti Suzuki signed an MoU with Bank of Baroda announcing the bank as its preferred financier. The partnership will help in providing more comprehensive financing opportunities to both dealers and customers.

 

Religare Super Ideas

Larsen & Toubro Limited (LT)

BUY JUN FUTS Larsen & Toubro Ltd @ 1535-1540 Stoploss 1505 Target 1610 CMP 1545.95

LT, after making a record high, has been consolidating in a range while holding firmly above the support zone of multiple moving averages on daily chart. It has witnessed a marginal pause, offering fresh buying opportunity. We suggest traders to create fresh longs as per the given levels.

DLF Limited (DLF)

SELL JUN FUTS DLF Ltd @179-181 Stoploss 186 Target 165 CMP 177.40

DLF has been trading with negative bias for more than a year now and there’s no sign of reversal. Though, it had witnessed counter moves in between, but failed to hold at higher levels for long. The prevailing chart pattern combined with confirmations indicators is pointing towards fresh fall. We advise creating fresh shorts as per the mentioned range.

 

Derivative Ideas

PETRONET

added around 5% in open interest as long buildup was seen in it in previous session. Current chart pattern also indicates further up move in its price. We suggest buying PETRONET as per below levels.

Strategy:- BUY PETRONET BETWEEN 235-239, STOPLOSS AT 229, TARGET 260.

 

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