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Weekly future recommendation:

Rationale

As the Nifty corrected from the recent high of 15250, stocks from banking and financials tumbled sharply. HDFC Ltd, which saw a decent up move last month witnessed a round of profit booking. However, last week ATM strike of 2600 saw almost 1000 contracts additions, which is likely to keep the stock under pressure. Closure of Put writing positions to lower strikes is indicating more downsides. Among heavyweights, we feel HDFC could remain under pressure and further move lower.

Short HDFC (HDFC) March future in range of Rs. 2570-2590; Target: Rs. 2435; Stop Loss: Rs. 2661

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