Bharti Airtel (BUY, between Rs338-340, Target Rs356):
Bharti Airtel on the daily chart has broken out from the ‘symmetrical traingle’ on
Wednesday Free Intrading trading Tips session and managed to sustain above the breakout levels on Thursday.
The up move was also accompanied with positive crossover in RSI and positive spurt in volumes. Adding to it prices have also surpassed their short term and medium term moving averages which exhibits strength and supports buying argument in the counter. We advise buying free intraday tips for today in the range of Rs338-340 with stop loss of Rs332 for target of Rs356.
Yes Bank (Buy between Rs306-308, Target Rs321):
The short term downtrend in Yes Bank has ended after prices surged above the falling resistance line and managed a closing above its 200 DMA. With RSI indicating a positive a crossover and as prices have managed to pullback from the long term support of 200 DMA, a sustainable up move is expected in the near term. On the upside immediate resistance is seen at Rs332 which 100 DMA and is most likely to be tested in coming weeks. We advise buying intraday stock tips in the range of Rs306-308 with stop loss of Rs302 for target of Rs321.
Nifty volatility Index fell to 19.03 from 19.56, decreased by 2.71%.
Total Nifty futures added 0.06mn shares in open interest.
Call open interest for Dec series shed 0.52mn shares in Open Interest.
Put open interest for Dec series shed 0.28mn shares in Open Interest.
Nifty put call ratio of open interest now stands at 1.35 vs 1.34.
Nifty put call ratio of volume now stands at 1.09 vs 1.21.
Maximum open interest in calls for Dec series is at 6,100 strike price.
Maximum open interest in Puts for Dec series is at 5,800 strike prices.
Nifty Dec 5,700 Call shed 0.21mn shares in open interest.
Nifty Dec 6,000 Put added 0.31mn shares in open interest.
Strategies
Long Shriram Transport Finance Dec Future in range of Rs777 -779 for the target price of Rs791 with a stop loss placed at Rs770.
Lot size: 500
Remarks: Net maximum profit of Rs7000 and net maximum loss of Rs3,500.
Long Idea Cellular Dec Future in range of Rs68.50-69 for the target price of Rs71.50
with a stop loss placed at Rs67.
Lot size: 4000
Remarks: Net maximum profit of Rs12,000 and net maximum loss of Rs6,000.
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