1. RELIANCE LTP 2710.35
| Counter | RELIANCE LTP 2710.35 |
| Call | Buy on dip |
| Target 1 | 2780 |
| Target 2 | 2870 |
| Stop Loss | Below 2540 on close |
| Time Horizon | 2-3 weeks |
| Notes | Buy on dip at 2650 & Avg around 2580 |
Reliance is among the first companies globally to adopt an Oil-to-Chemicals (O2C) strategy to produce the chemical building blocks of a circular economy and integrate it with sustainable downstream derivatives, useful chemicals, and new materials. Reliance is now one of the largest Oil & Gas Exploration and Production players in India with a balanced domestic conventional and unconventional hydrocarbons portfolio.
| Previous Close | 2687.75 | TTM EPS | 103.41 |
| 52 Week High | 2856.0 | TTM PE | 26.17 |
| 52 Week Low | 2180.0 | P/B | 2.23 |
| Sector PE | 34.61 | Mkt Cap (Rs. Cr.) | 18,30,952 |
(Source: Moneycontrol, BSE, Fisdom Research)
Technical Outlook
(Source: Fisdom Research)
- Reliance FUT gave a multi-quarter break-out above 2600 levels & made a high of 2794 this month
- Technically, the counter remains “Buy-On-Dip” towards support levels of 2580 & lower; expecting higher 2840 & 2920 levels in weeks to come.
- Positional trading levels for the next three or more months can be “Range to Positive” above 2400, with resistance at the 2920 and 3200 levels.
Option Chain Study
- As per Feb-24 Option Chain data study the maximum PE & CE Build-up is at 2600 & 2800 strikes. In volatility dips can be looked for trading long hedged strategies.
F&O Strategy
| Scrip | RELIANCE LTP 2710.35 |
| Risk | Moderate |
| Ratio | 1:1 |
| Bias | Range to positive bias |
| Max Reward Expected | ₹ 15,188 |
| Max Risk Expected | ₹ 9,800 |
| Action | Scrip | Quantity | Entry Price | LTP |
| BUY | RELIANCE FEB 2700 CE | 250 | 70.1 | 70.1 |
| SELL | RELIANCE FEB 2800 CE | 250 | 30.85 | 30.85 |
|
2. HINDCOPPER LTP 281.7
| Counter | HINDCOPPER 281.7 |
| Call | Buy on dip |
| Target 1 | 295 |
| Target 2 | 315 |
| Stop Loss | Below 240 on close |
| Time Horizon | 2-3 weeks |
| Notes | Buy on dip at 270 & average around 260 |
Hindustan Copper Limited (HCL), a Miniratna Category-I, Government of India (GoI) Enterprise under the administrative control of the Ministry of Mines, was incorporated on 9th November 1967. he Company has the facilities for production & marketing of copper concentrate, copper cathodes, continuous cast copper rod and by-products, such as anode slime (containing gold, silver, etc.), copper sulphate and sulphuric acid. Presently, company is focusing on mining & beneficiation operation and is primarily selling copper concentrate as the main product. In the concluded financial year 2022-23, the Company has earned a net profit (PAT) of Rs 295.31 crore against a sales turnover of Rs 1660.63 crore. HCL’s mines and plants are spread across five operating Units, one each in the States of Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra and Gujarat.
| Previous Close | 275.45 | TTM EPS | 3.31 |
| 52 Week High | 289.3 | TTM PE | 85.18 |
| 52 Week Low | 93.9 | P/B | 13.3 |
| Sector PE | 73.14 | Mkt Cap (Rs. Cr.) | 27,265 |
(Source: Moneycontrol, BSE, Fisdom Research)
Technical Outlook
(Source: Fisdom Research)
- Hindcopper witnessed a strong up move in Dec-2023 from lows of 174 to highs of 279.
- In Jan-24, the counter witnessed a retracement to lows of 242.60, which generated fresh buying interest and ended last week at 281.85 levels.
- In the future, the bias remains “Range to UP,” holding above short-term support levels of 260 and 240. Expect the counter to test higher 312 and positional 348 odd levels in weeks to come.
- Technically, the counter can be considered for “Long-Hedged” strategies or delivery buying on dips proportionately towards support levels of 270 and 260. There is immediate support at 245-240 levels and resistance at the 312-315 zone.
Option Chain Study
- Per the Feb-24 Option Chain data study, the maximum PE & CE Build-up is at 260 & 300 strikes. In volatility, dips can be looked for when trading long-hedged strategies. Overall, aggressive longs should be refrained at these level.
F&O Strategy
| Scrip | HINDCOPPER 281.7 |
| Risk | Moderate |
| Ratio | 1:1 |
| Bias | Range to pullback |
| Max Reward Expected | ₹ 62,805 |
| Max Risk Expected | ₹ 43,195 |
| Action | Scrip | QTY | Entry Price | LTP |
| BUY | HINDCOPPER FEB 280 CE | 5300 | 22.55 | 22.55 |
| SELL | HINDCOPPER FEB 300 CE | 5300 | 14.4 | 14.4 |
|
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