2013년 12월 31일 화요일

Sell ​​ONGC as derivatives indicate tremendous short positions - 11 July 2013


Sell ​​ONGC as derivatives indicate tremendous short positions - 11 July 2013


1) ONGC is India's leading Oil Exploration company and one of govt's "Maha-ratna" company.Technical Analysis2) It has corrected steeply by 10% in the last 10 days and has now trading below the short term (5 Day EMA) and long term (34 day EMA).
3) The stock has reached a minor support level from where it is expected to rebound by 2-3%. If it again resumes its downward journey, then we may see levels of 286 Rs. in this stock.Derivative Analysis4) The stock has added 8% in Open Interest today and is now standing at maximum Open Interest for the last one month.5) It has added 6.7 Lacs shares in Open Interest in July futures. Besides, 1.4 Lacs shares have been added in 300 Rs call, 1.9 Lacs in 310 Rs call, 1.24 Lacs in 300 Rs. call. The premium for all three Options have declined by around 30% which indicates the levels of bearishness existing in the counter.Considering all these factors, we may derive that we may sell ONGC on every rise. If the stock rebounds from the existing support of 296 and reaches 302-305, we may sell it for possible target levels of 286. On the up side, the stop-loss can be maintained around 312.



댓글 없음:

댓글 쓰기