GMR Infra, Indiabulls Real can see smart upmove: Thukral

Thukral told CNBC-TV18, “We expect index to continue to trade in a range between 5950 and 6250. We feel that further consolidation should continue for at least seven to 7-10 trading sessions. Therefore we are recommending a short striangle on Nifty that is one can sell 5900 Put and 6200 Call. Current premium collected will be in the range between Rs 42-45.”

”On stocks front we have our first call on GMR Infrastructure. The stock had seen 87 percent positions rolled which was the highest among its peers with a positive cost and that is reflected in today’s price action also. Stock has managed to close above Rs 20 which was acting as a stiff resistance. So, in immediate short-term we are expecting stock to further move up to Rs 23-23.50 levels.”

“Second stock that we are recommending a strategy is also a high beta real estate counter, Indiabulls Real Estate . The stock also has seen 92 percent positions rolled and it is looking very strong on basis of the cost or premium going forward. The way open interest has added up today also, 14 percent positions being added clearly suggesting that long buying interest is developing. Technically too stock is now poised at a very critical level of Rs 81. If it manages to sustain above Rs 81 we are looking at a target of Rs 93.”