F&O Strategy: NALCO to Oberoi Realty— Rupak De suggests buy or sell strategy for THESE stocks

Mint

2 days ago

Stock market today: The Indian stock markets commenced the week positively, opening higher on Monday due to a boost in investor confidence following the recent substantial rate cut announced by the Reserve Bank of India (RBI).
The Nifty 50 index started at 25,131.25, increasing by 128.20 points or 0.51%. Likewise, the Sensex opened the day at 82,616.12, climbing by 427.13 points or 0.52%.
Market analysts are optimistic that Indian equities will remain strong throughout the day. This robust momentum is being driven not only by the RBI's rate cut and liquidity initiatives but also by favorable signals from global markets.
On the F&O segment, Rupak De of LKP Securities, has suggested National Aluminium Company (NALCO), and Oberoi Realty shares to buy or sell. Here's what De says about the overall market and stocks.
The stock index witnessed a sharp upmove following a bold policy announcement by the RBI. Closing above the 25,000 mark for the first time in several sessions reflects renewed optimism among market participants. Historically, a rally followed by consolidation often leads to an upward breakout, and a similar pattern appears to be unfolding now. On the upside, immediate resistance is seen at 25,150.
A breakout above this level — or sustained trade above 25,000 — could pave the way for a move towards 25,350. On the downside, support is placed at 24,850. A decisive fall below this level may dampen the current momentum and lead to profit booking.
Open Interest Analysis: Huge additions were seen in the open interest at the 25,000 PUT; apart from that 24,900 and 24,800 strikes witnessed decent Put addition. While CALL writers added substantial positions at the 25,500 strikes on Friday. Maximum CALL open interest was seen at the 25,500 strike, whereas maximum PUT open interest was seen at 25,000, indicating a broader range for the market. Currently the PUT writers are slightly outnumbering the CALL writers for current weekly expiry.
Strategy: Strength increases if Nifty 50 sustains above 25,000 in the first hour.
Trade: Buy Nifty 12 June 25200CE ABOVE 120 TGT 180 SL 84.
NALCO share price has exhibited a breakout following a phase of consolidation on the daily chart, reflecting renewed investor confidence. The stock continues to trade above its 50-day moving average, indicating sustained bullish sentiment. Additionally, the Relative Strength Index (RSI) has formed a bullish crossover, supporting the momentum. Given the constructive market outlook, the stock is well-positioned to approach the ₹ 200 level in the near term. A long position may be initiated with a stop-loss set below ₹ 183.
IIFL share price has been demonstrating a strong uptrend, characterized by a pattern of higher highs and higher lows. The recent breakout above the previous swing high on the daily chart signals continuation of this upward trajectory. The stock has also surpassed its 200-day moving average, suggesting a transition to a positive long-term trend. The RSI remains in a bullish crossover and continues to strengthen, confirming the prevailing momentum. A long position can be considered with a stop-loss placed below ₹ 433, as the stock targets a move towards ₹ 485 in the short term.
Oberoi Realty share price has broken above a key swing high on the daily chart, indicating renewed strength in its upward momentum. The stock is trading firmly above its 200-day moving average, underscoring the continuation of the prevailing trend. The RSI is in a bullish crossover, lending further support to the positive price action. Based on current technical indicators, the stock appears poised to reach ₹ 2,050 in the near term. A long position may be initiated with a stop-loss below ₹ 1,830.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.