IDFC sees good short positions buildup - Angel Broking

Good amount of buying was observed by FII's in cash market segment; they were net buyers worth of Rs.1,078/- cr. On derivatives front long unwinding was observed by them in index futures, while in index options there was muted performance by them however good amount of buildup in open interest was seen in it in yesterday's trade.

On options front significant amount of buildup has seen in 6000 put option since last few trading session including yesterday's. While in call option 6300 strike price has seen maximum buildup in open interest followed by decent unwinding in 6100 call option in yesterday's trading session.

The counter of IDFC has seen good amount of short positions getting buildup in last few trading session with decrease in CoC. The stock has seen taking resistance at around Rs.180-182 levels and hence with short buildup in it we feel the counter could see more downside from current level. Hence we recommend to go short at around Rs.177-179 levels with the stop loss of Rs.184 and target of Rs.165.

Source : Equity Bulls

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