Manoj Murlidharan of Religare Securities today said, "The concept here is, we all know this is a month when we had the event from the P-notes coming and there is good amount of sectors which have a fresh arbitrage. Fresh arbitrage is when you are buying in the cash market and there is some shorting in the stock future. So, what happens is, the amount of relevant stock futures that is being carried into the next month, we are expecting a square-off trade in that."
"So, Lupin tops the best in that concept of volume weighted average price. So, we believe buying Lupin even for today intraday, try to buy the July futures as well somewhere close to Rs 1,124-1,125. Rs 1,125 on yesterday's close. The stop loss should be Rs 1,110 and we are expecting settlement somewhere close to Rs 1,162 on that," he aforesaid
"Tata Motors, post the results has seen rather good amount of short positions and that is being rolled. So, we are expecting that VWAP counter to play and there would be some short covering in that. So, the second pick would be to buy Tata Motors at Rs 455, stop loss of Rs 10 i.e. Rs 445 and expecting a settlement somewhere close to Rs 474 on that," he said.
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