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 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.
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 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
