F&O Strategy: Latent View to ICICI Bank— Rupak De suggests buy or sell strategy for THESE stocks
Starting the day with optimism, the Sensex surged remarkably, jumping 1,793.73 points to reach 81,248.20 in early trading. The Nifty 50 mirrored this momentum, climbing 553.25 points to hit 24,561.25. As the day progressed, the BSE benchmark continued to rally, trading 1,949.62 points higher at 81,398.91, while the Nifty 50 marked a significant rise of 598.90 points to 24,606.90.
On the F&O segment, Rupak De of LKP Securities, has suggested Latent View Analytics Ltd, ICICI Bank Ltd, and Gujarat State Petronet Ltd (GSPL) shares to buy or sell. Here's what De says about the overall market and stocks.
Nifty 50 traders seemed to adopt a risk-off approach amid rising India-Pakistan tensions, leading the index to slip from its recent consolidation range. Despite the decline, the Nifty 50 held above the 24,000 level, finding support near the 21-day exponential moving average (EMA). In the near term, bears may try to drive the index below the 24,000 mark to strengthen their position. A decisive break below 23,900 could trigger increased bearish activity. On the upside, 24,250 is likely to serve as immediate resistance, and a move above this level could lift market sentiment.
Open Interest Analysis: Significant open interest additions were seen in Calls and Puts of 24,000 strike. Maximum Call writing seen at 24,500 strike while, maximum Put writing was visible at 24,000.
Strategy: Sentiment is likely to weaken below 24,000.
Trade: Buy Nifty 50 15May 23,900PE ABOVE 185 TGT 250 SL 144.
Latent View share price has seen renewed buying interest, driving the price upward. With the stock trading above its moving average, the short-term trend remains positive. Bullish crossovers in momentum indicators on the daily chart support further upside potential. The stock is likely to test the ₹ 440 level if the current momentum continues.
ICICI Bank share price has pulled back after hitting a new high and consolidating around ₹ 1,450. The recent drop below the 23.80% Fibonacci retracement suggests growing bearish sentiment. Weak buying interest at higher levels points to further downside toward ₹ 1,360, with resistance likely near ₹ 1,416.
GSPL share price has formed a bullish Piercing Line candlestick pattern on the daily chart, indicating a possible rebound. A move above the 21-day EMA further confirms a short-term uptrend. Sentiment remains constructive, with the stock poised to reach ₹ 338. Key support lies at ₹ 313.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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