Weekly Picks 31st July 2023

1. Aditya Birla Capital Limited

Counter	ABCAPITAL FUT 193.75
Call	Buy on dip
Target 1	212
Target 2	228
Stop Loss	184 or 179
Time Horizon	3-4 weeks
Notes	Buy-on-dip towards 192 & Avg around 185

Aditya Birla Capital Limited is the holding company for the financial services businesses of the Aditya Birla Group. With subsidiaries/JVs that have a strong presence across Protecting, Investing and Financing solutions, ABCL is a financial solutions group that caters to the diverse needs of its customers across their life cycle. Powered by more than 34,000 employees, the businesses of ABCL have a nationwide reach with over 1,295 branches, more than 2,00,000 agents/channel partners and various bank partners.

Previous Close	175.5	TTM EPS	18.5
52 Week High	199.3	TTM PE	10.5
52 Week Low	101.7	P/B	3.7
Sector PE	25.8	Mkt Cap (Rs. Cr.)	50,352

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

• Four weeks ago, the stock showed a strong bullish pattern called “Bullish Engulfing.” After three weeks of moving sideways, the stock ended last week on a positive note.
• From a technical perspective, the stock is currently trading above an important level of 180, which indicates a positive outlook. It has the potential to reach higher levels of 212 in the near term, and if the momentum continues, it could even extend to 228-230 levels.

Open Interest Study

• Immediate maximum Call Build-up is at around 200 levels, and there is even more Call Build-up at higher levels around 210.
• Maximum Put Build-up is visible at around 170/190 Strike rates, indicating support levels for the stock.
• Based on the Open Interest (OI) study, it is suggested to consider fresh long build-up if the stock experiences dips towards 190 Strike Rates.

F&O Strategy

Scrip	ABCAPITAL FUT 193.75
Risk	Moderate
Ratio	1:1:1
Bias	Holding above 180 – “Range to up”
Max Reward Expected	₹ 92,880
Max Risk Expected	₹ 42,120

Action	Scrip	Lot Size	IP	LTP
BUY	ABCAP AUG FUT	5400	195.75	195.75
BUY	ABCAP AUG 195 PUT	5400	8.85	8.85
SELL	ABCAP AUG 220 CE	5400	1.8	1.8

Invest Now

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2. Indian Railway Catering and Tourism Corporation Ltd.

Counter	IRCTC LTP 630.55
Call	Buy on dip
Target 1	640
Target 2	680
Stop Loss	590
Time Horizon	3-4 weeks
Notes	Buy-On-Dip towards 625 & 610

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	619.5	TTM EPS	12.6
52 Week High	774.9	TTM PE	50.2
52 Week Low	557.1	P/B	20.4
Sector PE	48.1	Mkt Cap (Rs. Cr.)	50,452

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

• The counter’s trading is facing pressure and is currently below its mid-term resistance levels of 680-700.
• The counter has been performing poorly for the past few months, but last week, it showed signs of a possible rebound.
• If the counter falls towards 625 & 610, it could be an opportunity for “Contra Buying,” which means buying against the prevailing trend, aiming for potential gains at 660 & 680-700 levels.
• Once it crosses above the 680-700 range, expect short-covering and new buying interest, which may push to higher levels in the coming weeks.

Open Interest

• Looking at the IRCTC Aug Option Chain Study, there is strong interest from traders at the 700 & 650 Call Option Strikes, indicating resistance for buyers.
• On the other hand, for Put Options, the highest interest is seen at the 600 & 650 Strike rates.
• Overall, based on the Open Interest (OI) data, there seems to be a “Tug-Of-War” situation between bullish and bearish traders around the 650 levels, which could persist for the coming weeks.
• As a conservative approach, a Bullish Long Strategy may be considered, aiming for higher levels around 660/680 initiallyTop of Form.

F&O Strategy

Scrip	IRCTC LTP 630.55
Risk	Moderate
Ratio	1:1:1
Bias	Holding above 646 – “Range to up”
Max Reward Expected	~Rs. 12,338
Max Risk Expected	~Rs. 9,550

Action	Scrip	QTY	IP	LTP
BUY	IRCTC AUG FUT	875	635.7	635.7
BUY	IRCTC AUG 635 PE	875	20.5	20.5
SELL	IRCTC AUG 660 CE	875	10.3	10.3

Invest Now

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