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BHEL (Rs 173.7): The stock is crucially placed after Friday’s sharp fall. One more close below Rs 178 will confirm further decline. It finds next support at Rs 150. Crucial resistance is placed at Rs 200.
F&O pointers: BHEL Futures witnessed a rollover of 29 per cent to next month series. BHEL July Futures shed open interest along with sharp fall in share price. About 5.7 lakh shares were squared-off on Friday. However, the August Futures added over one crore shares, most of which were on the short side. Option trading also indicates a negative bias, as more puts surrender open position and calls witnessed the emergence of writers.
Strategy: Traders could consider going short on BHEL with a stop-loss at Rs 178 for an initial target of Rs 163. Traders, who can afford to take risk, can wait for target of Rs 150 with trailing stop-loss.
Follow-up: Unitech moved on expected lines; the Rs 17.5 put option remained inactive. Thus it might not have provided any entry opportunity.
( Note: Feedback or queries (on positions) may be sent to >blfuturesoptions@gmail.com by Sunday noon. Replies will be published on Monday.)
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