F&O Stock Strategy: How to trade Tata Power and Bharti Airtel
Sensex and Nifty rose for the second consecutive day on Tuesday, driven by gains in IT stocks ahead of key U.S. inflation data and by pharma stocks following a tax cut on certain cancer drugs.
The 30-share BSE Sensex surged 362 points, or 0.44%, to close at 81,921, while the broader NSE Nifty advanced 105 points, or 0.42%, to settle at 25,041.
Analyst Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research at SBI Securities, provides insights on how to trade stocks that were in focus during the previous trading sessions, based on derivative and technical data:
F&O data suggest Short Covering in Tata Power
The stock of Tata Power experienced a significant upward rally on Tuesday, surging by 6.58%. This move pushed the stock above its previous swing high, suggesting a potential shift in momentum. The rally was marked by strong buying interest, as reflected in the trading volume. While the 50-day average volume stands at 1.35 million shares, Tuesday's session saw a remarkable volume of 3.97 million shares, indicating heightened participation from market participants.
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