After ending above the 20,000 mark for the first time on Wednesday, Nifty’s hurdle is now seen at its all-time high level of 20,223 mark. The cumulative OI of current, next and far series has surged by 5.63 per cent, which indicates overall long build up. While, Bank Nifty future has also witnessed long build up.
We spoke to an analyst on how one should trade stocks that were in focus in the previous trading sessions based on derivative and technical data.
Analyst: Hari Prasad, Livelong Wealth
ICICI Bank
The stock has given a breakout from the trendline resistance, and is heading toward its targets which is of Rs 949 level as T1 and Rs 960 level as T2. The stock is experiencing a good buying pressure and it has even crossed 50MA in the volume chart. Looking at Option Chain Analysis, the OI Data with an increase in 20.2 Call contracts and a decrease 7.6 in Put contracts, is also suggesting the bullish sentiments in the market among the participants.
Ashok Leyland
The stock has given a breakout from ascending triangle pattern, taken a retest and is heading toward its targets of Rs 185 level as T1 and Rs 187 level as T2. The stock is experiencing a good buying pressure and it has even crossed 50MA in the volume chart. Looking at options chain analysis, the OI Data with an increase in 57 Call contracts and a decrease 183 in Put contracts, is also suggesting the bullish sentiments in the market among the participants.
Tata Motors
The stock has taken a support from the trendline resistance, and is heading toward its targets which is of Rs 714 level as T1. The stock is experiencing a good buying pressure and has crossed 50MA in the volumes chart. Looking at option chain analysis, the OI data with an increase in 646 Call contracts and a decrease 85 in Put contracts, is also suggesting bullish sentiments in the market.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
