Buy Voltas Ltd 980 PE For Target Rs.50 - Religare Broking
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Derivative Ideas
VOLTAS shed 1.27% and closed at 999.55 on 7th Jun. The stock has been witnessing huge selling pressure after finding resistance at 1350 levels. The down move was supported by good volumes and huge addition of Shorts in the FUTS. After some Dead Cat Bounce, the stock has resumed its correction with marginal rise in OI implying more comfort in Shorts. We expect VOLTAS to test 920 levels in the immediate short term and thus suggest initiating Shorts with the PE option.
Strategy:- BUY VOLTAS 980 PE @28-30, SLOSS AT 17, TRGT 50,
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