F&O Strategy: BEL to Techno Electric — Rupak De suggests buy or sell strategy for THESE stocks

Mint

21 hours ago

Stock market today: The domestic benchmark indices, Nifty 50 and Sensex, opened slightly lower on Monday, pausing after last week's increases fueled by reduced geopolitical tensions, better global signals, and a resurgence in foreign investments.
The Nifty 50 decreased by 0.01% to 25,637 points, while the Sensex dropped 0.05% to 84,024.65 as of 9:25 IST.
Gains across most sectors were countered by profit-taking in the financial and automotive sectors. In contrast, small- and mid-cap indices outperformed, climbing 0.8% and 0.4%, respectively.
Analysts indicated that some investors might be reducing their positions due to elevated valuations, yet the overall sentiment remains positive despite the pause.
According to Rupak De of LKP Securities, considering the recent swift rally, a buy-on-dips approach seems more suitable at current levels. On the downside, support is seen at 25,500.
Nifty 50 extended its upward move, underpinned by sustained investor confidence. With no significant resistance anticipated before the 25,750–25,800 zone, the index is likely to maintain its bullish trajectory. However, the ascent may be gradual rather than sharp. Given the recent swift rally, a buy-on-dips approach seems more suitable at current levels. On the downside, support is seen at 25,500; a breach below this level could trigger a phase of consolidation.
Open Interest Analysis: Good additions were seen in the open interest at the 25,600 PUT; apart from that 25,500 strikes witnessed decent Put addition. While CALL writers added substantial positions at the 25,900 strikes on Friday. Maximum CALL open interest was seen at the 26,000 strike, whereas maximum PUT open interest was seen at 25,500, 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 25,600 in the first hour.
Trade: Buy Nifty 50 3 July 25700CE ABOVE 120 TGT 200 SL 78.
BEL share price has formed a bullish Harami pattern on the daily chart, indicating the possibility of a short-term reversal. A consolidation breakout on the hourly chart further supports the positive outlook. Additionally, the RSI on the hourly timeframe has shown a bullish crossover. These technical signals suggest that the short-term trend is likely to remain positive, with an upside potential towards ₹ 445. A stop-loss may be placed at ₹ 399.
Torrent Pharma shares has broken out of a consolidation phase on the daily chart, reflecting improving market sentiment. The stock has also reclaimed its 200-day moving average, indicating renewed strength. The RSI is trending higher, supported by increasing momentum. These indicators point to a potential short-term rally toward ₹ 3,600. A stop-loss can be considered at ₹ 3,250.
Techno Electric shares has staged a breakout from a consolidation zone on the daily chart, signaling rising investor confidence. The stock is trading above its 21-day EMA, suggesting sustained bullishness. Moreover, the RSI is exhibiting positive momentum. Together, these factors imply a short-term uptrend, with a target of ₹ 1,750 and a stop-loss at ₹ 1,545.
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.