DERIVATIVES - DIWALI PICKS
Tech Mahindra Ltd
* IT stocks can be bought in the current correction for the medium term. The major trend TECHM is still positive and the stock has corrected to its major support zone of 2200- 2250.
* It has also retraced almost 100% of its upmove that it saw from 2150-2500 and can be looked for fresh entry at current levels.
* Trade with a positive bias above 2250; Targets at 2500/2650; CMP 2290; SL close below 2190
Biocon Ltd.
* From the Pharma space, BIOCON has underperformed significantly as compared to its peers whereas the long term trend for the stock is still up.
* Monthly support for the stock is seen at 420-425 levels; CMP 475
* Trade with a positive bias above 475; Targets at 575/600; CMP 475; SL close below 450
Power Finance Corporation Ltd.
* PFC stock has rebounded from its lows of 222 levels and has formed a rounding bottom. We expect the stock to gain from the current levels.
* It has got considerable room on the upside with resistance seen at 280-290 levels.
* The RSI and the MACD also confirm further upside. One can trade the same for a near term target of 276/282 whereas one can expect 300 in the medium term; Stoploss 245; CMP 256
Bharat Heavy Electricals Ltd.
* BHEL has been consolidating in the range of 200-240 for quite some time now.
* It is in yearly uptrend, Previous year high of 245.7; low of 100.15 and close of 176.9. Current year High of 291.5 low of 145.55 Cmp 228. Bullish gap as seen on charts is between 202-208 and bearish gap between 237-235.
* Max OI of PE seen at 210 PE strike indicating Strong support at 202-210 levels.
* Buy in the range of 215-220 stoploss close below 202 Target 260/290; CMP@227.
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