VK Sharma of HDFC Securities told CNBC-TV18, "The Nifty is down almost 4.9 percent in the current series and the only one stock in the Nifty where it is fairly holding up is Reliance Industries and the overall for the current series, 7 percent open interest has been added on the longer side. So it continues to stand rock, although it fell 2 percent yesterday. So I am suggesting to buy 1,020 Call at around Rs 22, it closed yesterday at around Rs 27. So I am just saying should it dip around 5 points the premium, it can be bought with a stop loss at Rs 15 with a target of around Rs 35." Disclosure: Reliance Industries has acquired management control of Network18, which owns TV18 Broadcast and moneycontrol.com.
"Tata Motors has come down 20 percent from the highs. So I am suggesting to buy 350 Call at around Rs 8, yesterday it was at around Rs 10 premium. The stop loss is at Rs 5 and a possible target is around Rs 14," he said."In Indian Oil Corporation (IOC), I am buying 430 Call at around Rs 16. Yesterday it was at around 18. Should it fall by Rs 2 the premium then you can buy this call and keep a stop loss at Rs 12 with a possible target of around Rs 25.""IDBI Bank was one stock in which investors had taken a fancy among the public sector undertaking (PSU) banks and then it has broken off, it has fallen. For the entire series, we have seen positions being built now on the shorter side with the stock being down 12 percent. Yesterday it fell 6 percent. So I am suggesting to buy 77.5 Put at around Rs 3.4 with a stop loss of Rs 2.5 and a possible target around Rs 6," he added.
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