SYNDIBANK is in long-term down trend, it kept trading under pressure even when other PSU banks started recovering. Considering its over all chart pattern, we do not expect rebound any time soon. Hence, we recommend traders to initiate fresh short positions as per the mentioned levels.
JSWSTEEL is regaining strength after consolidating near its 52-week high for almost two months. The stock moved higher in last two sessions with strong volume. This clearly indicates up side move to continue in near-term as well. Hence, we recommend buying in mentioned range.
TECHNICAL RATIONALE – BEL is among very few stocks which are currently trading near their 52-week high, clearly indicate its outperformance. On Monday, i.e. 28th November, it crossed all the immediate barriers and settled after forming big green candlestick on daily chart, that over shadowed past couple of weeks indecisive move
* The stock slipped to Rs584 from the all-time-high Rs731 in less than a month amidst higher level profit booking, but later it reversed taking support of its 61.8% Fibonacci retracement level of prior up-move, which begun from Rs490 in the month of June 2016.
* Rise in RSI from bull market support zone (40-33) is signaling
INFRATEL is trading sideways, in an indecisive manner below its 100/200 EMA’s from past couple of weeks. This clearly indicates weakness and lack of traders interest. Hence, it is more likely it will head southwards in coming sessions.
After trading with bearish bias for nearly a month, BIOCON seems to have formed base around its 100 EMA support on daily chart placed around 850 levels. This is a positive development and we believe, it will trade with bullish bias till it is trading above that level.
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ADANIPORTS added around 11% of open interest as fresh long positions with marginal increase in premium. It has created a fresh buying pivot on daily as well as on intraday charts, it also has a strong price support at 250 levels and 200 EMA is placed around 255 levels. We recommend doing a bull spread in Adaniports.
TVSMOTOR added 14% of open interest as long positions. Daily vwap is around 350 levels. On charts, it has witnessed congestion zone breakout on the higher side on daily charts. We suggest doing a covered call as per levels given below.
BUY TVSMOTOR DEC FUTURES BETWEEN 348-350 & SELL 370 DEC CE BETWEEN 7-9, SL 3
IDBI is trading sideways in an indecisive manner from past couple of weeks. It is currently trading below the confluence zone of its 50/100/200 EMA’s on daily chart, indicating down trend. Considering current market situation and its over all chart patter, we believe, it will trade with bearish bias, at least in the near-term.
NMDC has corrected over 15% from its 52-week high (142.50). The ongoing profit taking phase seems to have halted as it has recovered sharply from its 100 EMA (110) support levels. Hence, we strongly believe, bullish bias will persist till it is trading above that level.
GLENMARK added 32% of open interest as fresh long positions. It has rolled 49% into December series so far. Daily vwap is around 900 levels. On charts, it is trading on verge of congestion zone breakout and also trading above important short term as well as long term moving averages on charts. We recommend buying December futures as per levels given below.
PTC is trading weak below its important long and medium-term averages (200/100 EMA) from past couple of weeks, indicating down trend. Its current chart is suggesting possibility of a minor pull back, but that should be considered for initiating fresh shorts as its over all trend is still weak.
ONGC is in long-term up trend and is maintaining positive bias even in current market situation where broader markets are struggling. It looks upbeat at current juncture and is set for fresh up move towards its 52-week high, which is around 300 levels.
VEDL added around 34.30% of open interest as fresh long positions along with some delivery based buying. Daily vwap is around 204 levels. On charts, it has created a fresh buying pivot on daily as well as on intraday charts and it is also trading in higher highs—higher lows formation above short term as well as long term moving averages. We recommend buying Nov 205 CE as per levels given
BEML is trading weak and under performing broader markets from past one and half year. Yesterday, i.e. 22nd November, it closed below important support (800). Sustainability below crucial averages (100/200 EMA) and decline below important supports further strengthens negative bias. Hence, we advocate short selling in mentioned range.
RAMCOCEM was trading with negative bias from past couple of weeks, the ongoing profit taking halted on Monday (21st Nov) as it found support from its 200 EMA placed on daily chart. On 22nd November, bounce back was witnessed on back of strong volume, this clearly indicates buyers interest at current levels.