Siddharth Bhamre, Angel Broking believes that the market is in stronger hands, FIIs are putting in money and so, the market could be heading towards 6,150-6,200 in this expiry.
According to Siddharth Bhamre of Angel Broking, one may go long on DLF as the stock may jump by Rs 20 from current levels.
According to Siddharth Bhamre of Angel Broking, one may go long on IDFC with a stoploss at Rs 83. "The stock can touch three figure mark again," he adds.
One should not expect the market to come immediately down because there would be some kind of profit booking, says Siddharth Bhamre of Angel Broking.
The the fact that Foreign Institutional Investors (FIIs) have not sold off far too many equities in August are giving experts reasons to be ontimistic on the Indian equity market.
Siddharth Bhamre of Angel Broking says he prefers ICICI Bank in the banking space. According to him, one may initiate some short positions at higher levels in metal names like Tata Steel and Hindalco Industries.
Siddharth Bhamre of Angel Broking is of the view that one may sell Bharat Heavy Electricals at around Rs 150. He advised going long in Jaiprakash Associates.
According to Siddharth Bhamre of Angel Broking, one may avoid IDFC.
Siddharth Bhamre of Angel Broking is of the view that one may buy State Bank of India (SBI).
In the last three months while the Nifty has moved 10 percent down, Tata Motors has been flat. According to Shenoy, Tata Motors and Mahindra and Mahindra are the most resilient stocks in auto sector.
Barring health and IT sector indices, all others are trading below their 200 DMA. Bank Nifty took the biggest hit with private banking space getting smashed out of shape.
Siddhart Bhamre of Angel Broking is advising market participants to short positions for now.
Siddharth Bhamre of Angel Broking feels that Housing Development Finance Corporation (HDFC) may fall further from current levels.
RBI moves not just spooked the market, but confirmed the reality that it is more grim than what was assumed and the road to recovery will be much, much shallower and won't be v-shaped
Siddharth Bhamre of Angel Broking feels that Larsen and Toubro (L&T) may touch Rs 825-830.
According to Siddharth Bhamre of Angel Broking, one may buy Union Bank on dips at around Rs 115-118. "One may go long on JSW Steel," he adds.
Going by the broader market perspective, the definition of high IV and low IV changes depending upon the market scenario.
In an interview to CNBC-TV18 Siddharth Bhamre of Angel Broking said that he is bullish on ITC. "Go long on HPCL and and stay away from infrastructure space for now," he added.
We are not short in this market. We will have positive bias and we are long 5,900 Call option if market sees 5,800-5,820, then we will be long in this market," says Siddharth Bhamre of Angel Broking
Sensex dipped 285.92 points on Thursday to close at 285.92, and the Nifty at 5907.50, down 83 points.
Siddharth Bhamre of Angel Broking believes that as long as Fed continues with QE, we would see money somehow flowing to our markets and markets doing well. So one should not expect significant downfall or crash in market because people are downgrading their gross domestic product (GDP) forecast.
According to Siddharth Bhamre of Angel Broking, one can use short strangle strategy in case of Infosys - sell 2200 put and 2700 call.
Siddharth Bhamre of Angel Broking advised going long on State Bank of India (SBI) at current level with a stoploss around Rs 1835.
Siddharth Bhamre of Angel Broking believes that for some time to come, market maybe in a range where 5,900-5,950 would be a good resistance and you would find some support around 5,700-5,680.
Siddharth Bhamre advices short-term traders to go short in Nifty at current levels of around 5900-5920 and keep a stop loss at around 5980. He is expecting around 150-200 points correction from current levels till 5720 levels