Experts Trading Calls - 24th November 2017 - Herbal Health

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Thursday, 23 November 2017

Experts Trading Calls - 24th November 2017

24th November 2017
Volatility likely to persist, buy near 10330: Nifty made a higher high and a lower low yet again in yesterday’s trading session which witnessed a lot of volatility on account of weekly Banknifty options expiry and ended in the green by a meager margin. The index also shut shop above all important shorter term simple moving averages for the third straight session, indicating positivity, however with the index making wider trading ranges from the past two sessions and ending on a flat note could also mean distribution. Going into today’s session, volatility is likely to prevail even today as the volatility index is also making an up move. The important thing for the Nifty would be to close above 10360-10380 zone crossing which levels like 10420-10450 will open up. The index has also formed a Bullish Head & Shoulder pattern on daily charts and the neckline for the said pattern is around 10360 which becomes an important level to watch out for during the day. On the flip side, a conclusive slide below immediate supports around 10280-10260 zone could initiate a profit taking move which could drag the Nifty towards its next supports around 10220-10200

Sudarshan Sukhani of s2analytics.com told CNBC-TV18, "After a brief correction Ashok Leyland is now resuming the upwards move, it is a buy. Raymond is having a parabolic rally, that parabolic rally paused, that pause is an entry and today we want to buy Raymond again. Tata Chemicals is another outperformer in the recent weeks. These short-term outperformers will continue to outperform. So, that is a buy."

"I would suggest that short selling should be avoided as much as possible and certainly not in the indices. Fortis Healthcare is a sell. There is absolutely nothing in this stock. It is so much of an underperformer, sell it and shift to some other companies, anything in pharma if you want, but sell this one."

"Federal Bank is also a sell. While I am generally upbeat on private sector banks, Federal Bank is not my favourite. I would suggest you sell this and switch to ICICI Bank, switch to HDFC Bank anything stay in private banks but get out of Federal Bank."
"Long term investors can stay with Bata, we are going through a correction and that correction is not over. However, the long-term trend is distinctly up and you will get better prices. If you are a very short-term trader then you might like to exit now, re-enter again."

"Sun Pharmaceutical has probably completed its bear market. Every dip, every breakout is a buying opportunity here, so I would be a buyer in Sun Pharmaceutical today," he added.

Buy L&T Finance Holdings 185 Call: Krish Subramanyam
Krish Subramanyam, Co-Head Equity Advisory at Altamount Capital advises buying L&T Finance Holdings 185 strike Call.

Krish Subramanyam, Co-Head Equity Advisory at Altamount Capital told CNBC-TV18, "L&T Finance Holdings has been a stellar performer in the entire year. But this series has been a bit of a dampener. I would treat that more as a corrections; Rs 175-180 these are levels where I think going to expiry, we could see some short coverings, so keeping that in mind we will advise buying of a 185 strike Call that is quoting at around Rs 2 keeping a target of Rs 4.50-5 and maybe one could keep a stoploss of Re 1."

"Covered Call strategy in Biocon. It is promising to break pass its previous high and I think we should see that happening probably early next week, so one could possibly buy the futures and sell a 430 strike Call that is quoting at around Rs 5-6 keeping a target of Rs 435 and maybe one could keep a stoploss of Rs 410," he added.

Hold Jayshree Tea; Blue Star may test Rs 720: Prakash Gaba
Prakash Gaba of prakashgaba.com is of the view that one may hold Jayshree Tea & Industries.

Prakash Gaba of prakashgaba.com told CNBC-TV18, "Blue Star looks good to me, good base formation out here and can climb to levels closer to Rs 720 zones, keep stoploss below Rs 680."

"I also like Rallis India. A good base formation, consolidation and up move has started today. It can climb to levels closer to Rs 245 zones, stoploss below Rs 234 could be a day or two moves."

"Tilaknagar Industries has seen a massive moves in this month itself from Rs 17 to Rs 24. It is like a gift. When you get a gift take it simple as that. Stressed too much, I don’t think I would buy here more, but if I am holding it I would continue with a stoploss below Rs 22 and if I have it I don’t mind booking profits as well."

"Jayshree Tea & Industries has seen a good consolidation, the consolidation we got a breakout and is into Rs 115 zones. I think in the short-term someone to book profit but I like the longer term perspective as well. Looks like it is holding out and we could see a good up move here from maybe around Rs 125-130 zones. Now this is a time for pause, so just hold on if you have it," he added.

Sell USDINR; target of 64.50 - 64.40: ICICI Direct
ICICI Direct expects US$ to meet resistance at higher levels. Utilise the up side in the pair to go short on the US$INR.

ICICI Direct's currency report on USDINR

Debt market
Government bonds fell for a third straight session tracking an overnight rise in global crude oil prices and as the market prepares for a fresh supply of notes today • The GoI benchmark 6.79 % 2027 bond yield rose to 6. 9 9 % from  6.96 % in the previous session • Yield on the US 10 - year benchmark bond  was steady at 2.32%, as US  markets remained closed on account of Thangiving day.

Forex (US$/INR)
The  rupee rose to a near - three - week high against the US$ , as demand  for the greenback dampened after the US Federal Reserve’s latest  meeting minutes showed policymakers were cautio us about muted  inflation growth • The  US$  h alted three day of losses amid thin trading on account of  Thanksgiving holiday. Traders await the US Fed’s FOMC monetary policy meeting wherein a 25 - bps rate hike is expected. Investors would gauge the Fed’s inflation outlook as Fed officials have raised concerns on soft inflation in policy meeting minutes. Any sharp decline in US$ could see the JPY further rallying with the Euro remaining steady in the current German political landscape.

Strategy
In the currency futures market, the near month dollar - rupee November contract on the NSE ended at 64.57. The  November contract open  interest  declined  6.71 % from the previous day • December contract open interest  increased 8.28 % in the  previous session • We expect  the US$ to meet resistance at higher levels. Utilise the up side in the pair to go short on the US$INR.


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Disclaimer: The views and investment tips expressed by investment experts are their own and not that of the website or its management. Herbal Health / Techsavvy  advises users to check with certified experts before taking any investment decisions.

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