Option Picks for the Week

  • Stock Market Analysis
  • Editors Pick

Nifty closed marginally lower than the previous close nearly 45 points lower. The support of Nifty seems to be around 17,000 and resistance at 17,450. The PCR is around 1.14 for the 16th September expiry.

The most active Call was that of Nifty Bank 36700 CE with OI of 1,30,220 and Put was of NIFTY 17300 PE with the OI of 1,00,380. The market is at higher levels and a healthy correction is possible in the present circumstances. Stocks that have seen the most active call options was NAMINDIA 450 CE and the put option was ONGC (NS: ONGC ) 122.50 PE.

Here are few top picks for the week:

1. BUY: PVR (NS: PVRL ) 1400 CE (60-62)

TARGET: 84
STOP LOSS: 44

This stock is consolidating on its daily charts after bouncing back from the support level and is taking support of important moving averages along with MACD crossover. On the weekly charts, the stock is suggesting a reversal. Therefore, we advise taking a position above 60 with a Target of 84 and a Stop Loss of 44.
 
2. BUY:  Tata Steel Ltd (NS: TISC ) (50-52)

TARGET: 82
STOP LOSS:29

This stock is bouncing back from its important moving averages from lower levels along with consolidation over the past few sessions The weekly chart is suggesting reversal and breakout above 1460 are expected to start afresh rally in the stock. A similar pattern in Nifty Metal index is also expected to aid bullish momentum in the stock. Therefore, we advise taking a position above 50 with a target of 82 and a Stop loss of 29.

Disclaimer - Neither CapitalVia nor its analysts hold a position in any of the stocks mentioned above.

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  • Vishnu VV @Vishnu VV
    TATA Steel CE 1460 ?????
    Like 8

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