Weekly Picks 10th July 2023

1. Zee Entertainment Enterprises Limited

Counter	ZEE LTP 206.45
Call	Buy on dip
Target 1	222
Target 2	240
Stop Loss	188
Time Horizon	3-4 weeks
Notes	Buy-on-dip towards 200 & 194

ZEE Ltd is involved in business of entertainment. ZEE Ltd is one of the largest global Media and Entertainment companies in the world. The company hels celebrate stories across genres and languages, with an aim to break new ground. The company converges the physical and digital realms to deliver the extraordinary

Previous Close	189.4	TTM EPS	0.5
52 Week High	287.0	TTM PE	412.3
52 Week Low	170.1	P/B	1.85
Sector PE	25.0	Mkt Cap (Rs. Cr.)	19,801

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• ZEELTD formed a bullish candlestick pattern called “Bullish Engulfing” last week.
• The closing price at the end of the week was significantly higher than the 200 levels, suggesting potential further gains in the upcoming days.
• Traders may consider initiating new long positions in ZEELTD if the stock price dips towards 200 or lower to 194 levels. It is important to set a stop loss below 188 or 180 levels, based on the weekly closing price.
• The immediate price targets for ZEELTD are 222 and 240 levels, while the long-term targets could reach as high as 280 levels in the coming months.

Open Interest Study

• The Option Chain for the July series shows that there is a significant increase in call options at around 210 and 220 levels, which could act as an immediate resistance for the counter.
• On the other hand, there is a substantial increase in put options at around 200 and 195 levels, indicating strong support for the counter.
• Based on the Open Interest (OI) data, traders may consider initiating new long option strategies if the stock price dips towards 200 levels, as it suggests a favorable trading opportunity.

F&O Strategy

Scrip	ZEE LTP 206.45
Risk	Moderate
Ratio	1:1
Bias	Range to positive
Max Reward Expected	~Rs.58,950
Max Risk Expected	~Rs. 31,020

Action	Scrip	QTY	IP	LTP
BUY	ZEELTD JUL 200 CE	3000	15.5	15.5
SELL	ZEELTD JUL 230 CE	3000	5.15	5.15

Invest Now

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2. Canara Bank Ltd

Counter	CANBANK LTP 333.55
Call	Buy on dip
Target 1	350
Target 2	375
Stop Loss	295
Time Horizon	3-4 weeks
Notes	Buy-On-Dip towards 320 & Avg around 305

Widely known for customer centricity, Canara Bank was founded by Shri Ammembal Subba Rao Pai, a great visionary and philanthropist, in July 1906, at Mangalore, then a small port town in Karnataka. The Bank has gone through the various phases of its growth trajectory over hundred years of its existence. Growth of Canara Bank was phenomenal, especially after nationalization in the year 1969, attaining the status of a national level player in terms of geographical reach and clientele segments. Eighties was characterized by business diversification for the Bank. In June 2006, the Bank completed a century of operation in the Indian banking industry.

Previous Close	325.1	TTM EPS	62.0
52 Week High	341.7	TTM PE	5.4
52 Week Low	188.8	P/B	0.89
Sector PE	10.2	Mkt Cap (Rs. Cr.)	60,537

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• The counter has important support levels at 320, with a major support level at around 305, based on the weekly closing prices.
• Traders should consider initiating new long trades in the counter only when it experiences a dip towards the 320 level. If the price continues to decline and reaches around 305, averaging can be done by adding more positions in cash.
• From a technical standpoint, the counter faces an immediate resistance at around 345. If it fails to break through this level, it may retrace back towards the lower levels of 320, providing a good opportunity for fresh long positions.

Open Interest

• Canbank shows a significant buildup of Call options in the immediate July series at strike prices of 330 and the next level at 340. This suggests that the counter may experience a temporary pause or resistance at these levels.
• If the counter retraces from the higher levels around 340, it could potentially test the support levels of 320 and 310. These levels have the highest buildup of Put options, indicating they should provide decent support for the counter.
• For a better risk-reward ratio, it is advisable to consider entering new positions only when the counter experiences dips towards the 320 level and lower.

F&O Strategy

Scrip	CANBANK LTP 333.55
Risk	Moderate
Ratio	1:2
Bias	Range to positive
Max Reward Expected	~Rs. 46,575
Max Risk Expected	~Rs. 7,425

Action	Scrip	QTY	IP	LTP
BUY	CANBANK JUL 330 CE	2700	13.25	13.25
SELL	CANBANK JUL 350 CE	5400	5.25	5.25

Invest Now

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