JK Jain at Karvy Stock Broking feels that Oil and Natural Gas Corporation may test Rs 330.
JK Jain at Karvy Stock Broking told CNBC-TV18, " Oil and Natural Gas Corporation (ONGC) has given a strong pullback from the lows of Rs 330. However, we have not seen any significant build up of longs or unwinding of short positions in this stock. We actually seen fresh short positions that build up and even the higher Call options have seen clearly writing. So clearly indicates that there is a pressure in the stock."
"Even if you look at the crude, crude prices have made a new low in yesterday's trade. So, we see the pressure in the ONGC in the coming days and on that basis we are giving a covered Put strategy wherein we recommend selling a future at around Rs 346-347 levels and selling the lower put of 340 Put which is trading close to around Rs 7-8," he added.
"The breakeven for this strategy would be around Rs 354 on the higher side. We expect that stock to slide towards below Rs 340 and test the recent low of Rs 330 in the coming days. One would make a profit of close to around Rs 14-15 if the stock expires below 340. However, on the trading perspective also we would recommend a covered Put strategy where in we recommend a sell future and sell 340 Put."
Disclosure: Analyst doesn't hold the above stock but would have advised to his associates and the company they might be holding it.
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