Weekly Picks 13th November 2023

1. Cipla Limited

Counter	CIPLA LTP 1,240
Call	Buy on dip
Target 1	1280
Target 2	1320
Stop Loss	1180 on close
Time Horizon	4-5 weeks
Notes	Buy-on-dip towards 1220 & 1200

Cipla, as an organisation has been built brick-by-brick on the foundation of care. Caring For Life has always been and continues to remain, their guiding purpose. Driven by the same purpose, they have extended presence in 80+ countries providing over 1,500 products across various therapeutic categories in 50+ dosage forms. To make healthcare more affordable globally, they are deepening presence in the key markets of India, South Africa, the U.S. among other economies of the emerging world.

Previous Close	1,237.9	TTM EPS	42.7
52 Week High	1,277.9	TTM PE	29.0
52 Week Low	852.0	P/B	4.7
Sector PE	45.0	Mkt Cap (Rs. Cr.)	100,116

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

Cipla Futures, after six weeks of consolidation within the range of 1150 to 1200, experienced a breakout the previous week and concluded at 1212 levels.
During the last week, the stock attracted renewed buying interest, resulting in a 2.43% increase, closing at 1242.
Looking ahead, the stock maintains a “Range to Positive” outlook, with support expected above 1220 and significant support at the 1200 levels in the short to mid-term time frame. It may be considered for “Accumulation” on market declines based on risk appetite.

Open Interest Study

Expiry	CP	Strike	Open Interest
30 Nov 2023	CE	1250	834
30 Nov 2023	CE	1240	759
30 Nov 2023	PE	1200	700
30 Nov 2023	CE	1300	485
30 Nov 2023	CE	1230	453
30 Nov 2023	CE	1200	440
30 Nov 2023	CE	1350	416
30 Nov 2023	PE	1100	377
30 Nov 2023	PE	1150	374

In the Cipla November Option Chain, there is a significant build-up of Call options at 1250 and 1240 strike rates, while the maximum Put option build-up is observed at 1200 and 1150 strike rates.
The overall Open Interest (OI) chain suggests a capped “Upside.”
Taking into account oscillators, price study, and OI analysis, the stock can be traded with a “Hedged Long Bias” outlook.

F&O Strategy

Scrip	CIPLA LTP 1,240.0
Risk	Moderate
Ratio	1:1
Bias	Range to pullback
Max Reward Expected	₹ 13,000
Max Risk Expected	₹ 13,000

Action	Scrip	Quantity	Entri Price	LTP
BUY	CIPLA NOV 1220 CE	650	32.3	32.3
SELL	CIPLA NOV 1260 CE	650	12.3	12.3

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2. Tata Power Company Limited

Counter	TATAPOWER LTP 251.4
Call	Buy on dip
Target 1	265
Target 2	285
Stop Loss	240 on close
Time Horizon	4-5 weeks
Notes	Buy-On-Dip towards 248 & 242

Tata Power is one of India’s largest integrated power companies, present across the entire power value chain of conventional & renewable energy, power services, and next-generation customer solutions including solar rooftop, EV charging stations, and home automation.

Previous Close	248.2	TTM EPS	11.2
52 Week High	276.5	TTM PE	22.5
52 Week Low	182.4	P/B	3.1
Sector PE	17.0	Mkt Cap (Rs. Cr.)	80,330

(Source: Moneycontrol, BSE, Fisdom Research)

(Source: Fisdom Research)

Technical Outlook

Tata Power, having reached a peak of 277.45 in the last week of September 2023, retraced to test the lows of 230 in the last week of October 2023.
On a short to mid-term time frame, the stock maintains a “Range to Pull” outlook, anticipating potential gains towards 280 and significant levels around 300 in the weeks ahead.
From a technical perspective, the counter may be considered for fresh buying opportunities on dips, with specific levels to be observed in the coming weeks.

Open Interest

Expiry	CP	Strike	Open Interest
30 Nov 2023	CE	260	2879
30 Nov 2023	CE	250	2826
30 Nov 2023	CE	255	1830
30 Nov 2023	CE	270	1706
30 Nov 2023	PE	240	1650
30 Nov 2023	PE	250	1474
30 Nov 2023	CE	280	1288
30 Nov 2023	CE	265	963
30 Nov 2023	PE	245	931

In the Tata Power November Option chain, there is a notable build-up of Call options at 260 and 250 Strikes, suggesting an immediate hurdle.
Conversely, at the lower end, there is a maximum Put option build-up at 240 and 250 Strikes. Therefore, the overall scenario at 250 can be perceived as a “Tug-Of-War” between Bulls and Bears in the short term.
Based on the structure and Option Chain study, the counter may consolidate with a positive outlook in the upcoming weeks.

F&O Strategy

Scrip	TATAPOWER LTP 251.4
Risk	Moderate
Ratio	1:1
Bias	Range to pullback
Max Reward Expected	₹ 20,588
Max Risk Expected	₹ 13,160

Action	Scrip	QTY	Entri Price	LTP
BUY	TATAPOWER NOV 250 CE	3375	6.55	6.55
SELL	TATAPOWER NOV 260 CE	3375	2.65	2.65

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