IDBI (SELL, July 140 CE @1-1.30):

The recent pullback in IDBI from the low of Rs123 fizzled out near its 100-DMA, which coincided with the upper Envelope Band. After forming a Doji candlestick on Friday, the stock fell ~2% in yesterday’s session, suggesting trend reversal. A breakdown in rising trendline implies that downtrend in the counter is likely to prevail in the coming days. Due to volatility in the markets, we recommend a called off strategy to short IDBI July 140 CE between Rs1-1.30 with stop loss of Rs1.60 for target of zero till expiry.