Recommend to go long on DLF with stop loss of Rs.226 - Angel Broking

FII's were net buyers in cash market segment; they were net buyers worth of Rs.849/-cr. On derivatives front they was muted performance by them in both index futures and in index options in yesterdays trading session.

On options front 6100 and 6300 call option has seen good amount buildup in open interest, while in put option not much of buildup was observed; however decent unwinding was seen in 5600 and 6000 put option in yesterday's trade.

The recent fall in DLF was mainly due to long unwinding. The counter has seen good amount of long buildup at lower levels. We feel the stock could take support at around Rs.230 odd levels as 230 put option has highest buildup in open interest and with fall in IV majority of this buildup could be on the shorter side. Hence we recommend to go long with the stop loss of Rs.226 and target of Rs.248.

Source : Equity Bulls

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