Late Late Morning Trading Strategies – India July 01, 2012

I liked YESBANK calls, now not expensive at 10.50 for 340 Calls ( all near- July calls) but likely available below yesterday’s levels in the day, but market still retains the capacity to comeback only from above 5300 so when you buy is critical to you

HDFCBANK calls have lesser downside, ICICIBANK definitely has a downside from 900 levels, INDUS IND and DLF have only one more rally in them to 338 and 212 levels respectively and should be very slow/targeted in corrections

The market’s looking tracking sideays biut the rupee move back up ( 56.05 on CDS0 could well be over ) and that means the index could get a booster up especially after the better Economic Data though concerns on results and the minimum 15% Agri component of our GDP hit by the monsoon are hanging and Currency segment is trying to break on the Fixed Income market yield response to 8.2% as discussions of a rate cut restart discussions of a recovery GST reforms thru a presidential ordinance are unlikely but someone could soon be ratifying that reforms are up and on target and the intraday move could see more bull to 5290-5300 levels before climbing down if at all.

China reported a lower  PMI in the morning at 48 and commodities are instead looking to gain back to a correction in the Rupee/Asian trade

ONMOBILE could be a short idea, KFA nd SPICEJET move on Jetfuel becoming cheaper and as Oil is strong ONGC and CAIRN  could make another upward trade from 300 to 335 for Cairn 

Sterlite and SESA are definitely not looking like shorts are going to let go right now and you could be short more on each at a Rs 1/2 stop loss Sterlite from 102.4 to 90 and SESA from 185 to 160 but intraday move should not continue the next day. I bet an upmove again given the volatility is lower in the consolidation phase, could be bias

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