What do you make of the market move after 8-9 trading days we are sustainably into green so far?
After eight consecutive sessions of losses we have snapped that and probably we are seeing some sort of relief rally and from here I believe Nifty can test 17600 zones and Bank Nifty can move towards 41000. So that is where we are heading for the immediate basis.What do you suggest in terms of any strategy on Nifty or Bank Nifty after the current move, what will be the strategy?
One can go for options trades. I believe a long straddle at 17400 zone is very much likely to be played out for the next week expiry. I would believe because from here either we move 400 points up or we move 400 points down and in that case the straddle play will give you benefits.
Now Nifty Metal is top sectoral gainer today and after seeing a selloff in the last few sessions do you see any stock reversing or even out of the metal space is there anything that has caught your eye?
Actually I have two buy recommendations here; the first one would be UBL future, if you see and look at the option chain we see some very aggressive call unwinding happening which means that the stock is poised for a very good upside from here till 1520 to 1530 zones. So from the current levels UBL is a good buy with a stop loss of 1440 on immediate basis. The second one would be a buy in Kotak Bank. More upside steam is still left for Bank Nifty. Kotak Bank is holding on to 1700 zone, for me the immediate stop loss is placed at 1720 and the target will be towards 1810 to 1830.