Buy Pantaloon Retail futures for target of Rs 265 with a stoploss of Rs 239, says Hemant Thukral, Aditya Birla Money.
Thukral told CNBC-TV18, "We maintain our bullish call on Nifty, very clearly due to Put writers shifting their position north, now 5,800-5900 both are adding aggressive positions on the Put side. In fact 5,900 Puts have added 9 lakh shares, clearly showing that market participants are getting more confident that Nifty might retest 6000-6030 in an immediate short-term."
He further added, "Pantaloon Retail has added aggressive long positions. The new long positions have been added up on the back of aggressive rollovers. This stock has given fresh breakout technically by crossing above Rs 242. We recommend a buy on Pantaloon Futures for a price target of Rs 265, keeping a stop loss level of Rs 239."
"Our second call is largecap heavyweight Reliance Industries. We recommend buying 840 Call for price range between Rs 15 and Rs 16, keeping a stop loss of Rs 825 on the downside and one should square off or book profits when RIL starts to reach Rs 860 that is around Rs 858-862 levels."