ICICIBANK: WOLF WAVE TGT 840

Hi,
Opportunity for shorts in ICICI Bank.



Hope you liked it!!!

Shorting Opportunity in ICICIBANK

Hi,
Just rushing through ICICI Bank volume profile chart on the go. ICICI trading at attractive levlels of around 860 right now. Now looking at the volume profile and combining at O.I data, upside in ICICI looks capped @ 880 to maximum 900 and hence giving a chance to execute shorts as well as bearish strategies.


Though Nifty being in a clear uptrend so it is advisable to short ICICI bank in 2-3 legs in this coming weeks till the price action decodes itself in the range of 850-900. Currently one can buy and hold 860 put which is trading @23-25 Rs. Futures as usual in this series is still trading at discount though discount has shrinked, but volume is still not in favour of bulls.

Second strategy, a conservative one can also be executed if Nifty at all witness a sparking move above 5200 and ICICI moving above 900. Strategy is to short 1 lot of ICICI Bank Futures @ CMP and buy 2 lots of 920 call of current series which is barely trading at 1 Rs. This strategy gives a lot of room to play on both the sides and has a good earning potential.

Hope you liked it.

Market Stats: June 07

Hi,

Nifty took support at 5000 level, but Fiis chose to unwind their Longs position in Nifty. Last two sessions of buying 1920 was exited to the tune of 1665 crores. Now against the Fiis selling of 33 lacs of Nifty Open interest increased by 11.3 lacs, means Retailers were long and some Long FII holding is still there in Nifty.

Speaking of Nifty Intra, Open interest of current series increased by around 9.5% intra, but by the end of the day Net addition was 4% only, indicating that element of uncertainty is still there.


Review of Stock Calls:

Idea: Buying volumes are still holding the stock above 54 levels, so Longs are still open for the target of 58+ with 53.5 SL on closing basis.

Balrampur Chini: Stock has given down as mentioned earlier, and further shorts will be initiated on the break of 78. Today gave nice 2.5% intra moves.

Icici Bank: Short call in ICICI bank is still there, today it consolidated in 835-845 range, further crack will widen below 830 which is important support.

Earlier Long Calls

Torrent Power: Stock has given some nice moves today. Its been continuously recommended since 19th of May. Today it has given some good spike today and is successfully moving in the channel. Check out Chart.


BGR Energy: BGR Energy has been successfully maintained its upper end and is holding out well in the Jittery times. Some profit booking is not bad at this level. Stock is constantly adding O.I without much fuss. A breakout will be above 660 level and stock can be re picked at 640 and below if it gives a chance.

Hindalco: Though its in risky category but its staying at one of the major support of 140 below which it can give another crack. But as Nifty is holding it can be picked up from here.

Hope you liked it!!!

IDEA A SAFE PICK

Hi,
Idea again got picked up with volumes, as Nifty is rising with increase in O.I of around 8%, Idea can be safely picked up from here for 58+ target. Longs in Nifty can also be initiated for the target of 5080-5100 as builtup in Nifty is totally on Long side.




Hope you liked it!!!

Intraday Update: Finally Balrampur Chini Cracked

Hi,

Much awaited cracking of balrampur chini happened today with stock clearly cracking 2.5%. Crack will widen if it breaches important support of 78 which is its lower side of consolidation range. To confirm cracking there is an addition in open interest of about some 2% with crack in price.

ICICI Bank: Icici is yet to crack, weakness as mentioned earlier, is already there. A break down will happen from 830 level which is its important support.

Hope you liked it.

Review of Stock Picks

Hi,
Reviewing the week for some stock which I pick for short entry on Friday.

ICICI BANK: This stock has shown some interesting spot-future relation. Since the stock got picked up on 2nd June at around 830 levels on spot it is continuously trading on a deep discount on Futures. It has maintained an average 12 points discount in comparison to Spot. Just check out Spot Future chart of ICICI Bank on Friday:

Check out contract and underlying high low on friday we get a huge gap of highs at 854(future) vs 869 (spot). Clearly giving reverse arbitrage and some good shorting opportunity.

In Futures as I mentioned in previous post O.I of 1crore was built up on short side.

Clearly from 1st of June small amount of shorts are building up with an average rate of 2.5lacs shares daily. Volumes at spot continued to be lackluster, will be interesting when it tanks.

Balrampur Chini: Balrampur chini did picked out with the start of the session and closed out above its previous consolidation range of 81-78(thanks to the index), but clearly vloumes and indicators are showing weakness and its very hard to stay up in this range.

Now interesting thing is that long unwinding was seen in this stock in spite of stock closing in green. I've mentioned the scenario of long unwinding earlier too, so past two sessions 2.4 and 8.7 lacs of shares were reduced in open interest, will be interesting to see how built up pans out in coming days as its start of this O.I series and quite difficult to gauge the built up, but once builtup gets decoded this stocks gives good momentum and wild swings, so watch out for this stock.

Hope you liked it.

Stock Pick: June 04

Hi,
I'm expecting some profit booking at the end of the week so some short calls are in my list:

ICICI Bank: Stock is clearly is out of buying interest and avg. rollover price stands at around 850. With 863 as stop loss trade can be done for 830 and below targets. Check out the chart. Built up of O.I of around 1 crore shares are totally on short side.




Balrampur Chini: Stock has been range-bound in last 3-4 sessions within 78-81 range and O.I is clearly indicating that longs are unwinded in the meantime. A break from this trading range can give targets of 74 and below keeping SL of range high of 81.

Hope you liked it.