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Buy ONGC, Sell Cairn India Today: Sanjeev Bhasin

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Buy ONGC, Sell Cairn India Today: Sanjeev Bhasin
Indian markets saw huge intra-day volatility as RBI policy got discounted positively yet currency cross-currents on emerging markets saw sentiment turn negative as rupee hit seven month low.

The short trading week with next 5 days as holiday will see low volumes & subdued participation. Expect another slow range-bound day with stock specific movement.

For today we are suggesting 1 buy/sell call for next 3/4 days:

1) Buy ONGC @ Rs 405-Rs 410, stop loss Rs 396, target Rs 441

2) Sell Cairn India @ Rs 311-Rs 314, stop loss Rs 320, target Rs 296

We also suggest booking profit in the yesterday pair trade where long Colgate almost met our target & gave gains of 5% while short Hindunilever closed down 0.25%.

We also hold our option "short strangle' on Bank Nifty as under:

Sell Bank nifty 16000 call @ Rs 150-Rs 155

Sell Bank Nifty 15000 put @ Rs 130-Rs 135

Total premium earned Rs 280-Rs 285

Look for reduction in volatility & buy around Rs 120-Rs 125 as time series plays out.

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