Vishal Kshatriya, senior derivative and technical analyst at Edelweiss recommends a short call on M&M. According to him, the stock has reverted multiple times from Rs 750 levels, which indicates that Rs 750 is acting as a strong supply zone for the stock. He advices short term traders to go short in the range of Rs 730-740 with a target of Rs 705, maintaining stop loss of Rs 755. The holding period for this strategy would be three-four days.
His second pick for the day is L&T. He suggests going long on L&T Puts. He told CNBC-TV18 that derivatives data suggested weakness in the counter. Therefore, short term traders can long on Rs 1600 strike for the August put in the range of Rs 24-28 with a target of Rs 45, maintaining stop loss of Rs 15. The holding period for this strategy is two-four days.
According to Aditya Agarwal, senior derivative analyst at Way2Wealth Securities Pvt. Ltd, Chambal Fertilizers has seen a very sharp rally in last few days, reaching a new 52-week high of Rs 105. He believes that the stock is now in the profit booking mode.
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