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F&O stocks in focus: Long buildup seen in Naukri, Voltas, Laurus Labs

F&O stocks in focus: Long buildup seen in Naukri, Voltas, Laurus Labs

by | Aug 16, 2024 | Share Market


4 min read Last Updated : Aug 16 2024 | 10:43 AM IST

Naukri, Voltas and Laurus Labs are the three stocks that have witnessed fresh long buildup in the futures & options segment in recent days despite the high volatility in the overall market.


In general, a rise in the underlying asset accompanied with an increase in open interest (OI) for the corresponding derivative, indicates build-up of fresh long positions.


As such, these three stocks have registered gains up to 8 per cent on the back of 11 per cent rise in open positions in the last four trading sessions; thus indicating buildup of long positions at these counters for the August derivatives series.


Here’s an outlook on the stocks based on the futures & options (F&O) data and technical chart patterns.


Voltas


Current Price: Rs 1,566


Upside Potential: 8.6%


Support: Rs 1,502; Rs 1,489


Resistance: Rs 1,600


Technically, Voltas stock is seen treading along the higher-end of the Bollinger Bands on the daily scale for the last four trading sessions. The stock had rallied 8.3 per cent on the back of 11.7 per cent jump in OI.

The stock seems to be facing considerable resistance around the Rs 1,600 levels. The stock needs to break and trade consistently above the same, for a fresh rally to emerge. On the upside, the stock can potentially target Rs 1,700. Support on the downside for Voltas is seen at Rs 1,502 and Rs 1,489 levels. CLICK HERE FOR THE CHART


The options data shows a PCR of 0.9; indicating higher open positions in Calls versus Puts. The highest OI is seen at Rs 1,600 Call followed by Rs 1,700; data suggests strong resistance for Voltas around Rs 1,620, above which short-covering seems likely. Among Puts, highest OI stands at Rs 1,500 Strike Price followed by Rs 1,400.


Info Edge (India) – Naukri


Current Price: Rs 7,371


Upside Potential: 4.1%


Support: Rs 7,350; Rs 7,290; Rs 7,200


Resistance: Rs 7,480


The OI in Naukri has risen by 6 per cent in the last four days, while the stock has rallied 4.7 per cent. 


The Naukri stock is seen attempting a breakout on the daily chart, as it trades above the higher-end of the Bollinger Bands, which stand at Rs 7,350. The bias is likely to remain bullish as long as this support is held. 

On the upside, the stock can potentially rally to Rs 7,670 levels, with interim resistance likely around Rs 7,480 levels. Support on the downside stands at Rs 7,290 and Rs 7,200 levels. CLICK HERE FOR THE CHART


The PCR reading for Naukri stands 0.7; indicating higher open positions in Calls versus Puts. The highest OI in Calls is visible at Rs 7,500 followed by Rs 7,300; data suggests strong resistance for Naukri around Rs 7,600 levels. Among Puts, highest OI is seen at Rs 7,000 and Rs 6,800 Strikes.


Laurus Labs


Current Price: Rs 430


Upside Potential: 9.1%


Support: Rs 415


Resistance: Rs 436; Rs 442


Laurus Labs has logged gains in the last three trading sessions, wherein the stock has advanced 0.5 per cent accompanied with a near 6 per cent increase in OI.

Laurus Labs stock has been repeatedly testing support around its 200-DMA (Daily Moving Average) since June. The stock once again seems to have found support, and is now seen attempting a bounce back. Key momentum oscillators are showing signs of a promise; hence the stock may pull back towards its super trend line resistance at Rs 469 levels. Interim resistance for the stock is seen at Rs 436 and Rs 442. CLICK HERE FOR THE CHART


Laurus Labs PCR stands 0.4; meaning there are more than 2 open positions in Calls for every OI in Puts. The highest OI in Calls is seen at Rs 480 followed by Rs 450 Strike; data suggests resistance likely around Rs 440 – Rs 445 levels. On the other hand, highest OI in Puts is visible at Rs 400 and Rs 430 Strikes.

First Published: Aug 16 2024 | 10:43 AM IST



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Power Mech stock price gains 7% on Rs 114 crore-order win; details here

Power Mech stock price gains 7% on Rs 114 crore-order win; details here

by | Aug 16, 2024 | Share Market


2 min read Last Updated : Aug 16 2024 | 10:03 AM IST

Power Mech Projects stock gains: Shares of Power Mech Projects jumped as much as 6.66 per cent to hit an intraday high of Rs 6,039.80 per share on Friday, August 16, 2024. 


However, at 9:34 AM, shares of Power Mech were off highs but were trading 3.32 per cent higher at Rs 5,850 per share. In comparison, BSE Sensex was trading 1.04 per cent higher at 79,926.44 levels. 


The rise in the share price came after the company announced that it has secured an order worth Rs 114.30 crore from Coastal Energen Private Limited.


In an exchange filing, Power Mech said, “Extension of time for Operation and Maintenance of 1200 MW (2*600MW) coal based thermal power plant namely Mutiara Thermal Power Plant, owned by Coastal Energen Private Limited located at Melamaruthur Village, Ottapidaram Taluk, Tuticorin District, Tamilnadu for a period of one year with effect from 01.10.2024.”


The company will be responsible for the operation and maintenance of 1200 MW (2*600MW) coal based thermal power plant.


The time required to complete the project is 12 months. 


Set up in 1999, Power Mech Projects Limited is among the leading engineering and construction firms specialising in the integrated services of erection, testing, and commissioning (ETC) for boilers, turbines, generators, and balance of plant (BOP). 


Additionally, the company offers civil works and operation and maintenance (O&M) services. Power Mech Projects is involved in major power initiatives, including ultra-mega power projects, supercritical thermal power projects, and subcritical power projects.


The company operates through five strategic units including industrial services, industrial construction, infrastructure construction, manufacturing & heavy fabrication and mining.


As of FY24, Power Mech Projects boasts a strong order book valued at approximately Rs 57,000 crore, which includes two Mine Developer and Operator (MDO) contracts worth around Rs 39,700 crore, set to be executed over the next 25 years.


Earlier this week, the company announced that the Board will consider the proposal for issue of bonus shares to the equity shareholders of the company on Thursday, August 22, 2024.


The market capitalisation of Power Mech is Rs 9,279.46 crore, according to Bombay Stock Exchange (BSE). The company falls under the BSE SmallCap category.

First Published: Aug 16 2024 | 9:52 AM IST



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Govt bond yields expected to rise tracking US peers, debt sale in focus

Govt bond yields expected to rise tracking US peers, debt sale in focus

by | Aug 16, 2024 | Share Market


Indian government bond yields are expected to rise in opening trades on Friday. Photo: Shutterstock

2 min read Last Updated : Aug 16 2024 | 8:28 AM IST


Indian government bond yields are expected to rise in opening trades on Friday, tracking US peers, after strong economic data scaled back expectations of an aggressive interest rate cut by the Federal Reserve.


The benchmark 10-year yield is likely to move between 6.85 per cent and 6.89 per cent, compared to its previous close of 6.8580 per cent, a trader with a state-run bank said. Indian financial markets were closed on Thursday for a public holiday.

 


US yields rose on Thursday after strong economic data eliminated fears about a hard landing and a benign inflation reading made a more aggressive 50-basis-point cut look less likely.

 


The US Commerce Department said retail sales rose 1.0 per cent last month, more than expected, after a downwardly revised 0.2 per cent drop in June. Separately, the US consumer price index increased 0.2 per cent in July, in line with a Reuters poll, after falling 0.1 per cent in June.

 


“In both inflation and labour data, there are signs of normalization rather than any recessionary impulses. Fed’s policy response can therefore be in the context of normalization,” said Anitha Rangan, an economist at Equirus Group.

 


“Even if Fed cuts in September, it would not be followed with a series of cuts. Patience will dominate the pace of cuts.” Fed funds futures indicate 75 per cent traders see the odds of a 25 bps cut in September policy, while the odds of 50 bps cut fell to 24 per cent from more than 50 per cent earlier this week.

 

Meanwhile, oil prices rose on Thursday after US economic data allayed fears of an imminent recession in the world’s biggest economy.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 16 2024 | 8:28 AM IST



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Gold price dips Rs 10 to Rs 71,500, silver falls Rs 100 to Rs 83,400

Gold price dips Rs 10 to Rs 71,500, silver falls Rs 100 to Rs 83,400

by | Aug 16, 2024 | Share Market


The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 71,500.

2 min read Last Updated : Aug 16 2024 | 7:35 AM IST


Gold Price Today: The price of 24-carat gold dipped Rs 10 in early trade on Friday, with ten grams of the precious metal trading at Rs 71,500, according to the GoodReturns website. The price of silver fell Rs 100, with one kilogram of the precious metal selling at Rs 83,400.


The price of 22-carat gold fell Rs 10, with ten grams of the yellow metal selling at Rs 65,540.


The price of ten grams of 24-carat gold in Mumbai is in line with prices in Kolkata and Hyderabad, at Rs 71,500.


In Delhi, Bengaluru, and Chennai, the price of ten grams of 24-carat gold stood at Rs 71,650, Rs 71,500, and Rs 71,500, respectively.


In Mumbai, the price of ten grams of 22-carat gold is at par with that in Kolkata and Hyderabad, at Rs 65,540.


In Delhi, Bengaluru, and Chennai, the price of ten grams of 22-carat gold stood at Rs 65,690, Rs 65,540, and Rs 65,5540, respectively.


The price of one kilogram of silver in Delhi is in line with the price of silver in Ahmedabad and Kolkata at Rs 83,600.


The price of one kilogram of silver in Chennai stood at Rs 88,600.


US gold prices were flat on Friday, after strong US economic data eased recession concerns and dampened expectations for an aggressive interest rate cut by the Federal Reserve next month.


Spot gold edged 0.1 per cent higher to $2,457.80 per ounce, as of 0028 GMT. US gold futures rose 0.1 per cent to $2,495.50.


Spot silver was nearly unchanged at 28.39 per ounce, platinum ticked 0.02 per cent lower to $952.53 and palladium shed 0.4 per cent to $940.12.


(With inputs from Reuters)


   

First Published: Aug 16 2024 | 7:35 AM IST



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Nifty IT faces bearish trend on charts; should you sell? Analyst answers

Nifty IT faces bearish trend on charts; should you sell? Analyst answers

by | Aug 16, 2024 | Share Market


3 min read Last Updated : Aug 16 2024 | 6:26 AM IST


Nifty IT Index


The Nifty IT Index is currently showing an upward trend on the charts, with the index nearing its weekly resistance levels for this week, which are expected to be between 39,925 and 40,000. Given the proximity to these resistance levels, the best trading strategy for near-term traders would be to book profits around these levels. The market is likely to encounter resistance, and booking profits before a potential pullback can help safeguard gains.


For those looking to re-enter the market, fresh investments should be made on pullbacks to support levels. The key support levels to watch are 39,480 and 39,025. These levels provide a safer entry point for both near-term and short-term traders and investors. The overall trend remains bullish, but caution is advised as the index approaches significant resistance. It is important to wait for a pullback to the aforementioned support levels before making new investments or adding to existing positions.


Nifty Auto Index


The Nifty Auto Index is currently trending downwards on the charts. The expected downside targets for the index are 24,800 and 24,400. Given the bearish trend, the best trading strategy would be to sell on any rise, maintaining a strict stop-loss if the index closes above 25,400. This stop-loss level is critical to managing risk, as a close above 25,400 could invalidate the bearish outlook and potentially signal a trend reversal.




Traders should be prepared for the possibility of further declines in the index, and selling on rallies is advisable to capitalize on the downtrend. The bearish sentiment is reinforced by the technical indicators, which suggest that the index is likely to face continued selling pressure in the near term. Investors and traders should be cautious and adhere to the stop-loss level to protect against potential upward breakouts.

In summary, the Nifty IT Index is poised near resistance, making it an opportune time to book profits and wait for a pullback before re-entering. Conversely, the Nifty Auto Index is in a downtrend, with a strategy focused on selling into rallies while observing a strict stop-loss. Both indices require careful monitoring of key levels to execute trades effectively in the current market environment.

(Disclaimer: Ravi Nathani is an independent technical analyst. Views are his own. He does not hold any positions in the Indices mentioned above and this is not an offer or solicitation for the purchase or sale of any security. It should not be construed as a recommendation to purchase or sell such securities.)

First Published: Aug 16 2024 | 6:26 AM IST



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NYSE, Nasdaq increase scrutiny of Chinese firms amid volatility concerns

NYSE, Nasdaq increase scrutiny of Chinese firms amid volatility concerns

by | Aug 15, 2024 | Share Market


The screening of Chinese companies is to protect investors from excessive share manipulation and volatility. | Photo: Bloomberg

2 min read Last Updated : Aug 15 2024 | 11:11 PM IST


The New York Stock Exchange and the Nasdaq Stock Market have increased scrutiny on small to midsized Chinese firms preparing to release the shares of Initial Public Offering (IPO), in a move aimed to protect investor interest and excessive volatility caused by these IPOs, Nikkei Asia reported.


Investment bankers, lawyers and professional services companies on the matter said that the Nasdaq had been focusing on the identity and background of investors before the companies planned for IPO.


The screening of Chinese companies is to protect investors from excessive share manipulation and volatility, Nikki Asia reported citing sources. The authorities have demanded the Chinese entity’s documentation of the buyers of these IPO shares to ensure that the majority of them are US citizens, the Nikkei Asia report mentioned quoting a local lawyer.


Another lawyer pointed out that 80 per cent of IPO buyers for Chinese companies were US citizens but, the recent concerns have emerged from the pump-and-dump transactions in small to midsize Chinese IPOs have brought volatility to the market, industry players say.


According to the report, in July 2022, AMTD Digital, a Hong Kong financial services company, was listed on the Nasdaq and witnessed its stock price skyrocket. The price of the share jumped from an IPO price of a mere USD 7.80 to USD 2,555 within weeks. Such events gave the Hong Kong company a larger market value than Chinese e-commerce giant Alibaba at one point. However, the stock price crashed in the upcoming weeks.


One investment banker said that the geopolitical tensions between the US and China have pushed scrutiny from Nasdaq.


“Many Chinese companies are looking to get listed before the US presidential election, because who knows how regulations could change with a new president,” he said.


The Nikkei Aisa report further cited financial analytics firm Dealogic and stated that as of August 14 this year, as many as 13 Chinese firms valued at USD 642 million were listed on the Nasdaq and the New York Stock Exchange. A total of 44 Chinese companies have filed to list on the Nasdaq this year. But, none have been rejected so far.


Nasdaq had proposed an automatic suspension for companies whose share price stays below USD 1 for a year or falls below the same after completing a reverse stock split, however, the changes are subject to approval by the US Securities and Exchange Commission.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Aug 15 2024 | 11:11 PM IST



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