Weekly Picks 20th November 2023

1. IRCTC – LTP 707.3

Counter	IRCTC LTP 707.3
Call	Buy on dip
Target 1	770
Target 2	825
Stop Loss	660 on close
Time Horizon	1 & 2 months
Notes	Buy-on-dip towards 700 & 675

Indian Railway Catering and Tourism Corporation Ltd. (IRCTC) is a “Mini Ratna (Category-I)” Central Public Sector Enterprise under Ministry of Railways, Government of India. IRCTC was incorporated on 27th September, 1999 as an extended arm of the Indian Railways to upgrade, professionalize and manage the catering and hospitality services at stations, on trains and other locations and to promote domestic and international tourism through development of budget hotels, special tour packages, information & commercial publicity and global reservation systems.

Previous Close	679.7	TTM EPS	13.3
52 Week High	758.0	TTM PE	53.3
52 Week Low	557.1	P/B	22.8
Sector PE	55.9	Mkt Cap (Rs. Cr.)	56,588

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

IRCTC has been experiencing a “Prolonged Consolidation” following a sharp impulsive upmove witnessed between April 2021 and October 2021.
The stock is forming a pattern of “Higher Lows & Higher Highs” over the past few months.
Immediate support for the stock is anticipated around the 660 levels, with significant mid-term support at 590 levels. Holding above these levels suggests a bias toward a “Range to Up” trend.
In the immediate term, the stock seems poised for consolidation, with expectations of testing higher levels at 770 and a major level at 825 in the weeks to come

Open Interest Study

Expiry	CP	Strike	Open Interest
30 Nov 2023	CE	700	1639
30 Nov 2023	CE	710	1374
30 Nov 2023	CE	750	1265
30 Nov 2023	CE	720	1169
30 Nov 2023	PE	680	781
30 Nov 2023	PE	700	739
30 Nov 2023	PE	650	738
30 Nov 2023	PE	710	684
30 Nov 2023	PE	690	658

According to the OI Chain of the November series, IRCTC shows the highest CE build-up at 700, 710, and 750 strike rates, indicating an immediate hurdle.
Conversely, the maximum PE build-up is observed at 680 and 700 Strike Rates, suggesting a limited downside.
The PE build-up quantity is relatively lower compared to the CE build-up, implying that the counter may take time before a fresh upward movement in the coming days.

F&O Strategy

Scrip	IRCTC LTP 707.3
Risk	Moderate
Ratio	1:1
Bias	Range to pullback
Max Reward Expected	₹ 28,438
Max Risk Expected	₹ 6,563

Action	Scrip	Quantity	Entri Price	LTP
BUY	IRCTC NOV 720 CE	875	9.5	9.5
SELL	IRCTC NOV 760 CE	875	2	2

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2. SBILIFE – LTP 1,414.2

Counter	SBILIFE LTP 1,414.2
Call	Buy on dip
Target 1	1480
Target 2	1540
Stop Loss	1320 on close
Time Horizon	1+ Month
Notes	Buy-On-Dip towards 1400 & 1350

SBI Life Insurance, one of the most trusted life insurance companies in India, was incorporated in October 2000 and is registered with the Insurance Regulatory and Development Authority of India (IRDAI) in March 2001. Serving millions of families across India, SBI Life’s diverse range of products caters to individuals as well as group customers through Protection, Pension, Savings and Health solutions.

Previous Close	1359.9	TTM EPS	18.4
52 Week High	1434.5	TTM PE	78.9
52 Week Low	1,054.4	P/B	10.9
Sector PE	18.3	Mkt Cap (Rs. Cr.)	141,549

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

SBILIFE has encountered resistance around the 1350 levels since July 2022. Last week, the stock achieved new “All-Time” highs and initiated a breakout from consolidation.
The positional structure of the counter is bullish. Holding above 1320-1300 suggests a “Buy-On-Dip” bias across all three different time frames.
The counter may gradually aim for levels around 1480/1540 in the upcoming weeks.
The bias for mid-term delivery is “Accumulate.”

Open Interest

Expiry	CP	Strike	Open Interest
30 Nov 2023	CE	1360	1436
30 Nov 2023	CE	1430	1148
30 Nov 2023	CE	1450	873
30 Nov 2023	CE	1500	823
30 Nov 2023	CE	1420	703
30 Nov 2023	CE	1400	697
30 Nov 2023	CE	1380	611
30 Nov 2023	CE	1440	507
30 Nov 2023	PE	1350	464

In the SBILIFE Nov Option Chain, the maximum CE build-up appears at 1360 & 1430 Strikes, while the maximum PE build-up is evident at 1350, 1300, and 1400 PE Strikes.
Based on price study & OI chain analysis, the bias indicates a “Range to UP” trend, particularly above 1350 and the lower Strike PE support levels.

F&O Strategy

Scrip	SBILIFE LTP 1,414.2
Risk	Moderate
Ratio	1:2
Bias	Range to pullback
Max Reward Expected	₹ 59,400
Max Risk Expected	₹ 15,600

Action	Scrip	QTY	Entri Price	LTP
BUY	SBILIFE NOV 1400 CE	750	30.5	30.5
SELL	SBILIFE NOV 1500 CE	1500	4.85	4.85

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