Anand Rathi Commodities suggests to keep 210 Put options of ONGC while discarding stocks of Tata Steel by preference of sustained revenue. As Anand Rathi Securties give regular updates on CNBC TV 18, a reporter asked the senior derivative analyst of the company; Chandan Taparia about details of the stocks that are on the list for buying and selling. To which the official replied affirmatively, “We are recommending a sell on Tata Steel. This stock has broken the consolidation range on the downside and added built up of short positions. It is also witnessing fresh Call writing and because of that selling pressure may continue. So, one can sell the stock on bounce back move with a stop loss of Rs 323 for the downside target of Rs 303.”
Amit Rathi,MD of Anand Rathi Financial Services
To generate best revenues for the investors, Anand Rathi Securities keep a stringent eye on the market speculations and further suggested that since ONGC stock has failed to cross the immediate hurdle of Rs 215-216 levels so the Second trade is sell on ONGC. He also mentioned in order to hedge risks, trading with option is better since comprehensively, the nature of stock is reviewed negative. To pace up with the contemplation, One can buy 210 Put by keeping the stop loss of Rs 1.50 for the upside target of Rs 7 and concluded by expressing his disagreement towards Tata Steel and ONGC as both the counters appears at lower end currently.
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