Adani Ports and Special Economic Zone Ltd Future
Trade Idea: Short Adani (NS: APSE ) Ports below 340
Adani Ports has made up all of its lost gains and is back at its levels from February. It attempted a breakout above 366, which failed with a much higher volume than normal. We see it form strong support at 341-342, a region it tested 3 times over the last 4 weeks. Currently, we look to go short below this support of 341. With the market trending lower, this may fetch a good 5-6% on the downside.
Strategy: Short Adani Ports Futures below 341 OR buy 350PE (if IV is below 50)
2. Bajaj Finserv (NS: BJFS )
Trade Idea: Buy Bajaj Finserv above 6700 OR Short Bajaj Finserv below 6000
Despite the market being volatile, Bajaj Finserv has traded in a narrow range of 6000-6700. This narrow region has coincided with low volume. We have seen below-average volume for the last 6 weeks amid this consolidation. During this period we have seen Nifty rally higher, and more recently, sell-off. So, we see a trade when Bajaj Finserv breaks this region, either higher or lower. So to reiterate, we look to go long above 6700 and go short below 6000. One thing which is important while entering the trade is to make sure the breakout or the breakdown is supported with volume. With a lack of volume, there is a possibility of a fake move.
Strategy: Short if Bajaj Finserv moves below 6000 OR Buy if Bajaj Finserv moves above6700.
3. Bharat Petroleum Corp. Ltd. (NS: BPCL )
Trade Idea: Short BPCL below 395
BPCL had broken out in late July with high volume. We saw a 20% move from 400 to 480. Now, we see it back to the region it broke out from. Previous resistance of 400 is now acting as support. We see it test the 395-400 region thrice, with one failed attempt to breakdown lower. Currently, we look to go short below this region where we may expect some momentum.
Strategy: Short BPCL Futures below 395
Disclaimer: This in no way is investment advice. Please take trades as per your own understanding. Use your money wisely. The author may have a position in the mentioned securities and this is to be treated as educational material only
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