Option traders can go with Bull Call Ladder with the view to multiple support at 11,180-11,100 zones while hurdle at 11,500 to 11,700 zones
We believe that "Albatross Short Strangle" would be the apt strategy. The strategy resembles the long wings of Albatross bird where deep out of the money call and put options can be sold to gain the premium amount.
Recent formation of Inverse Head & Shoulders classical pattern will give a breakout by trading only above Rs 113, suggests buying in the stock for higher targets of Rs 148.
Mazhar Mohammad advised traders to remain focused on stock specific opportunites and feels better trading opportunity in index can arise on a strong close above 11,400 levels.
Traders are advised to hold long positions with a stop below 11,090 levels, says Mazhar Mohammad.
If the Nifty manages to decisively clear 11,400 levels, the rally may get extended up to 11,554, says Mazhar Mohammad.
We recommend buying Sudarshan Chemical Industries Limited (SUDARSCHEM) around Rs 370 levels with a stop loss of Rs 335 on closing basis for higher targets of Rs 425.
Nifty is expected to trade in range of 11,700-10,700 levels for the month of October 2019 with mixed bias.
Upsides shall remain capped at around 11,400 and rallies towards 11,200 shall be considered as an opportunity to create fresh short positions, with a stop above 11,235 on closing basis, says Mazhar Mohammad.
On the weekly time frame, the Relative Strength Index is trading near 50 levels, showing strength.
The Nifty could find support around 11,050-10,800 levels, with the 11,250-11,400 zone likely to act as a hurdle.
Option data suggests a shift in lower trading range in between 11,000 to 11,600 levels
Experts felt the 11,100 is crucial support for the Nifty, if it breaks the same it can fall belowthe psychological 11,000 levels, whereas bulls can get strength only above 11,400.
Immediate resistance for the week is 11,370 which, if breaks on higher side, could strengthen the bulls further till the level of 11,554.
Considering the latest uncertainty surrounding the markets, Mazhar Mohammad advised traders to remain neutral on the index for time being.
As long as the Nifty trades above 5 EMA, placed around 11,450, go for 'buy on dip' strategy, says Shabbir Kayyumi of Narnolia Financial Advisors
Significant heavyweights in the Nifty Private Bank basket are going to lead the show, and we should be stick to them.
All of these bases have strict requirements and particular specifications. Yet, all of them will show the same signs of institutional support and buying
We recommend buying Bharat Petroleum Corporation around Rs 450 and lower towards Rs 425 levels with a stop loss of Rs 367 for higher targets of Rs 590.
Retracements or corrections tend to be short-lived. So, riding with these outperformers appears to be the best bet.
We are specifically bullish on private banks, at the same time we can expect changes in components of Bank Nifty in semi-annual rebalancing. Buying is advisable in Bank Nifty on dips.
Option data suggests the Nifty could trade in a broader range of 11,300 to 12,000 levels in coming sessions.
Mohammad advises traders to continue to hold on to their long positions with a stop loss below 11,416 on closing basis, whereas fresh longs should be considered on a fresh breakout above 11,695 levels.
Mazhar Mohammad advises traders who are on the long side to maintain a tight stop loss below 11,382 on closing basis and says even fresh positions should be considered on stability above 11,382 levels.
Shah sees buying opportunity in capital goods stocks like L&T, but he advised avoiding investment in IT stocks as he expects the space to underperform going forward.