Short Bajaj Auto with stop loss at Rs 1,602: Angel Broking
The Nifty futures open interest increased by 0.48% while Bank Nifty futures open interest is increased by 2.26% as market closed at 5128.20 levels.
The Nifty July future closed at premium of 7.15 point against premium of 2.45 points. The August series closed at a premium of 31.30 points. The Implied Volatility of at the money options is decreased from 18.62% to 17.01%. Nifty PCR-OI increased from 0.99 to 1.01 levels. The total OI of the market is Rs 1,47,754 crore and the stock futures OI are Rs 34,240 crore
Few of the big names where we have seen low rollovers are ACC, TATAPOWER, RANBAXY, COALINDIA and IDFC.
FII’s were net sellers in cash market segment; they were net sellers worth of Rs 253 crore On derivatives front they were net sellers in index futures with some buildup in open interest indicating shorts buildup by them, while in index option there activity in yesterday’s trade was quite muted.
On options front not much of buildup was observed in yesterday’s trade except in 5100 put option, however significant amount of unwinding was seen in 5300 call option. BANK NIFTY continues to see strong rollover of 55% and that of NIFTY the rollover is at 41%.
The recent bounce in the counter of BAJAJ-AUTO was mainly due to short covering. The stock has seen decent short positions in it and most of them are still intact.
Hence we fell the counter could see some selling pressure at higher levels which could take the stock to around Rs 1485. Go short with the stop loss of Rs 1602.
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