F&O market: Strategy for RIL, Pantaloon

The Indian market started the new series on a good note. The Sensex closed 121 points higher at 19,444.84 on Friday. The Nifty gained 38.25 points or 0.65 percent and ended at 5,908.35.

In an interview to CNBC-TV18, Hemant Thukral, Aditya Birla Money says he maintains his bullish call on the Nifty as put writers are shifting their position north, 5,800-5900 are adding aggressive positions on the put side. “Infact 5,900 Puts have added 9 lakh shares, clearly showing that market participants are getting more confident that the Nifty might retest 6,000-6,030 in an immediate short-term,” he asserts. Also read: Reversal in monetary policy only when inflation down, says C Rangarajan Pantaloon Retail, he says, 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,” he suggests. His second call is largecap heavyweight Reliance Industries. “We recommend buying 840 Call for between Rs 15 and Rs 16 range, keeping a stop loss of cash RIL at Rs 825 on the downside. One should square off or book profits when RIL starts to reach around Rs 858-862 levels,” he adds.