Recently, ITC tested its 200 EMA support on daily chart placed around 235 levels. It seems, stock has formed strong base around that zone and is now firmly edging higher. We strongly believe, bullish bias will be intact till that level is held on down side.
STOCK IN FOCUS
* Sun Pharmaceutical Industries (SUNP) is the largest Indian pharmaceutical player in the US market with presence niche segments.
* Robust Earnings & Return Ratios: SUNP has best-in-class franchise, superior returns ratios and strong execution skills.
* It has consistently moved up in the value chain over past few
Glenmark Pharmaceuticals Limited
GLENMARK was consolidating above trend line resistance barrier placed around 870 levels from past couple of weeks. Yesterday, i.e. 18th October, it moved higher and settled near day’s top after gaining nearly 3%. Technically, it is looking upbeat for fresh breakout towards 1000 plus levels in near-term.
* The stock reversed sharply after forming a new 52 week high, with sharp sell-off from level of Rs666 levels, breaking last three days low.
* The key technical indicators has also reversed turning downwards and as the stock is in overbought position it can correct sharply to its short term averages.
* The stock i
Put writing seen in NIFTY 8400 strike & Call writing seen in NIFTY 8600 strike. Vix is likely to be in 13-17% range. We expect NIFTY to be in 8400 to 8700 range.
SELL NIFTY OCT 8200PE at 13-15 & SELL NIFTY 8700CE at 23-25, total premium at 38 to 40, Stoploss at 58, Target 10
STOCK IN FOCUS
* DCB Bank has demonstrated strong performance in 2QFY17 led by the robust growth in balance sheet; best in class NIM’s coupled with consistent improvement on major assets quality parameters
* The bank is focusing on growing loan book in high margin low-ticket retail, SME & AIB segments coupled with increasing footpri