F&O stocks in focus: How Oberoi Realty, REC and NMDC stack-up on technical charts?
Nifty ended its first weekly expiry of the November series on a high. For the next weekly series, 19,200 call has significant open interest, followed by 19,300 strike.
On the put side, 19100 has significant open interest, followed by 19000 strike implying the zone of 19,170-19,160 will act as immediate support for the index considering gap-up opening.
While, on the upside the level of 19360 will act as immediate resistance for the index.
Any sustainable move above the level of 19,360 will lead to a sharp upside rally in the index.
In Bank Nifty, 43,200 strike has significant call open interest, followed by 43500 strike.
On the put side, 43000 has significant open interest, followed by 42,800 strike.
This indicates the zone of 43,600-43,650 will act as crucial resistance for the index. While the immediate support is placed in the zone of 43,000-42,950.
We spoke to analysts on how one should trade stocks that were in focus in the previous trading sessions based on derivative and technical data:
Analyst: Sudeep Shah, Deputy Vice President and Head of Technical & Derivatives Research, SBI Securities told ETMarkets
Long build up in Oberoi Realty
Since the last five trading sessions, the stock is moving higher with robust volume and on Thursday, the stock marked a fresh all-time high and formed sizeable bullish candle on daily scale.
Interestingly, the stock has witnessed its highest volume in the last 17-trading sessions, which shows an accentuated buying in the counter.
As the stock is trading at all-time high, all the moving averages and momentum indicators-based setups are indicating strong bullish momentum. The daily RSI is in a super bullish zone as per RSI range shift rules.
Talking about derivative data, the
