Weekly Picks 25th September 2023

1. Petronet LNG Limited

Counter	PETRONET LTP 240.2
Call	Buy on dip
Target 1	252
Target 2	260
Stop Loss	222
Time Horizon	3-4 weeks
Notes	Buy-on-dip towards 235 & 228

Petronet LNG Limited (PLL) formed on April 2, 1998 as Joint Venture Company (JVC) having 50% shareholding of leading 4 Oil & Gas PSUs by GOI order dated July 4, 1997. An Independent Board managed JVC created for development of facilities for the import, storage and regasification of Liquefied Natural Gas. With equity participation from four Oil & Gas Maharatanas viz. Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation Limited (IOCL), GAIL (India) Limited (GAIL) and Bharat Petroleum Corporation Limited (BPCL). Participation of Public Sector to the extent of 50%, balance 50% equity is being held by Public, FIIs, FPIs, Mutual Funds etc.

Previous Close	237.9	TTM EPS	22.8
52 Week High	254.4	TTM PE	10.5
52 Week Low	195.7	P/B	2.6
Sector PE	29.3	Mkt Cap (Rs. Cr.)	36,037

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

Petronet has been consolidating between the 180 and 250 range since 2019.
Recently, it formed a “Bullish” engulfing candle, followed by retracement and consolidation last week.
Technically, the counter has strong immediate support in the 225-220 zone, making it a good opportunity for short to mid-term buying during dips.
On the upside, the counter has the potential to target levels of 260 and higher in the coming weeks and months.

Top of Form

Open Interest Study

Expiry	CP	Strike	Open Interest
28-Sep-23	CE	250	822
28-Sep-23	CE	260	760
28-Sep-23	CE	270	563
28-Sep-23	CE	240	481
28-Sep-23	CE	245	448
28-Sep-23	CE	255	308
28-Sep-23	PE	240	307
28-Sep-23	PE	230	275
28-Sep-23	CE	280	206

In the September Option Chain, the counter has the highest Call Option build-up at the 250 and 260 Strike Prices, suggesting a potential resistance level.
On the other hand, the maximum Put Option build-up is at the 240 and 230 Strike Prices, indicating important support levels.
Buying opportunities may arise if the stock dips towards 230 or lower, offering a favorable risk-reward ratio for fresh long bullish spreads and delivery buying.

F&O Strategy

Scrip	PETRONET LTP 240.2
Risk	Moderate
Ratio	1:1
Bias	Holding above 230-225 – “Range to up”
Max Reward Expected	₹51,600
Max Risk Expected	₹8,400

Action	Scrip	Quantity	IP	LTP
BUY	PETRONET SEP 240 PE	3000	2.55	2.55
SELL	PETRONET SEP 260 PE	3000	19.75	19.75

Invest Now

2. Zee Entertainment Enterprises Limited

Counter	ZEEL LTP 265.3
Call	Buy on dip
Target 1	290
Target 2	305
Stop Loss	240
Time Horizon	1-2 months
Notes	Buy-On-Dip towards 261 & 248

Zee Entertainment Enterprises Limited (ZEEL) is a media and entertainment company engaged in providing broadcasting services. The company operates through content and broadcasting segment. The company has a library, housing over 260,000 hours of television content. From giving India its first private satellite TV channel in 1992, to reaching 1.3 billion viewers around the world through linear and digital platforms. ZEE, today, is the global entertainment go-to, with an integrated team creating and serving extraordinary content.

Previous Close	267.3	TTM EPS	0
52 Week High	290.7	TTM PE	—
52 Week Low	109.4	P/B	2.53
Sector PE	170.1	Mkt Cap (Rs. Cr.)	25,501

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

ZEE has been showing weak performance and consolidating since 2020.
The counter has formed a “Cluster strong” support range between 200 and 160.
This year, it dropped to 170 but rebounded to 290 before entering a consolidation phase.
Over the past six weeks, it has been consolidating tightly between 260 and 290.
Last week, it closed at 265.50, near the ongoing consolidation support zone.
Can consider buying on dips for fresh, short-term delivery trading positions, following the provided levels, and setting strict stop-loss points.

Open Interest

Expiry	CP	Strike	Open Interest
28-Sep-23	CE	300	2651
28-Sep-23	CE	320	2121
28-Sep-23	CE	280	1781
28-Sep-23	CE	270	1104
28-Sep-23	PE	250	882
28-Sep-23	CE	290	870
28-Sep-23	PE	270	864
28-Sep-23	PE	240	696
28-Sep-23	PE	260	638

In the September 2023 Option Chain analysis, the Strong Call Option (CE) build-up is observed at Strike Prices of 300, 320, and 280. The maximum Put Option (PE) build-up is seen at Strike Prices of 250, 270, and 240, indicating support levels.
Short-term upside potential seems limited, but the mid-term outlook suggests a “Range to Bullish” sentiment.
Investors can consider buying on dips for “Delivery Buying” and implementing a Bullish Call Ratio Spread strategy.

F&O Strategy

Scrip	ZEEL LTP 265.3
Risk	Moderate
Ratio	1:1
Bias	Holding above 255/240 – “Range to up”
Max Reward Expected	₹ 55,500
Max Risk Expected	₹ 19,500

Action	Scrip	QTY	IP	LTP
BUY	ZEEL SEP FUT	3000	265.5	265.5
BUY	ZEEL SEP 265 PE	3000	6	6

Invest Now

Disclaimer: This document is not intended for anyone other than the recipient. The contents of this document may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. If you have received the publication in error please notify the sender immediately. If you are not the named addressee, you should not disseminate, distribute or copy this document. You are hereby notified that disclosing, copying, distributing or taking any action in reliance on the contents of this information is strictly prohibited. All non-authorised reproduction or use of this document will be the responsibility of the user and may lead to legal proceedings. This document has no contractual value and is not and should not be construed as advice or as an offer or the solicitation of an offer or a recommendation to take action in consonance in any jurisdiction. Finwizard Technology Private Limited (“Fisdom”) makes no guarantee, representation or warranty and accepts no responsibility or liability for the accuracy or completeness of the information and/or opinions contained in this document, including any third party information obtained from sources it believes to be reliable but which has not been independently verified. In no event will Fisdom be liable for any damages, losses or liabilities including without limitation, direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of this document or your reliance on or use or inability to use the information contained in this document, even if you advise us of the possibility of such damages, losses or expenses. Fisdom does not undertake any obligation to issue any further publications or update the contents of this document. The information stated and/or opinion(s) expressed herein are expressed solely as general commentary for general information purposes only and do not constitute advice, solicitation or recommendation to act upon thereof. Fisdom does not have regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. The information contained within this document has not been reviewed in the light of your personal circumstances. Please note that this information is neither intended to aid in decision making for legal, financial or other consulting questions, nor should it be the basis of any investment or other decisions. Fisdom may have issued other similar documents that are inconsistent with and reach different conclusion from the information presented in this document. The relevant offering documents should be read for further details. You should make such researches/inspections/inquiries as it deems necessary to arrive at an independent evaluation of companies referred to in this document (including the merits and risks involved), and should consult its own advisors to determine the merits and risks involved. Fisdom makes no representations that the offerings mentioned in this document are available to persons of any other country or are necessarily suitable for any particular person or appropriate in accordance with their local law. Among other things, this means that the disclosures set forth in this document may not conform to rules of the regulatory bodies of any other country and investment in the offer discussed will not afford the protection offered by the local regulatory regime in any other country. Past performance contained in this document is not a reliable indicator of future performance whilst any forecasts, projections and simulations contained herein should not be relied upon as an indication of future results. The historical performance presented in this document is not indicative of and should not be construed as being indicative of or otherwise used as a proxy for future or specific investments. The relevant product documents should be read for further details. Fisdom does not undertake any obligation to issue any further publications to you or update the contents of this document and such contents are subject to changes at anytime.

Fisdom Research