Buy ITC, Sell HDIL Today: Sanjeev Bhasin
The Sensex and Nifty are likely to be volatile ahead of the derivatives expiry tomorrow. Asian cues are benign as China and Hong Kong markets are seeing huge buying on improvement of data and bullish undertone.
The Nifty is likely to oscillate between 7,700-7,800 as broader markets may continue to struggle. Expect expiry to be in this range too.
For today, the following calls may do well with a two-day window,
1) Buy ITC: 356, stop loss 348, target 372
2) Sell HDIL: 86.5, stop loss 88.5, target 80
Also, carry forward the following pair from Monday,
3) Buy PNB: 924, stop loss 904, target 975
4) Sell Sesa Sterlite: 292, stop loss 298, target 273
Below mentioned option strategy could give good returns over the next two days,
5) Option calendar spread: Sell 7750 July call at 25, sell 7750 July put at 35, total premium earned 60
6) Buy 7750 August call at 129, buy 7750 August put at 110, total premium paid 179 (239-60)
Square up positions on Thursday near expiry around 220.
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