INSUBCONTINENT EXCLUSIVE:
The market has been on a weak run since September, with the Nifty down 10.5% from its all-time high levels
Trades in the derivatives segment have been mainly stock specific, with activity in the top open interest gainers being largely on the
ET takes a look at some stocks which have seen highest increase in open interest in the November series and their outlook in the near
term.
CiplaCMP: Rs 530.8
OI Change in November series (%): 18.9
Share price change in November series (%): -9.6
Lower-than-expected
September quarter earnings and weak outlook sent the stock tumbling to a near fivemonth low on Tuesday
Elara Securities has cut earnings per share estimate by 8% each for FY19, FY20 and FY21 to factor in the weak first half (April-September,
The brokerage has cut target price to Rs 620 from Rs 680, while maintaining accumulate rating
in November series (%): 20.7
Share price change in Nov
series (%): -5.5
The stock is one of the highest open interest gainers in the November series
Analysts said the base effect will not be favourable for the company from December quarter
Competition from food tech apps is also a key concern for investors
The stock could slip towards next major support of Rs 1,010 and it is likely to face resistance at Rs 1,100, said technical analysts
A bounce back is likely to be sold, they said.
Dewan Housing Fin CorpCMP: Rs 228
OI Change in November series (%): 22.1
Share price change
series (%): -1.53
The stock has been in bear phase along with other housing finance stocks amid liquidity and valuation concerns in the
The crash in the stock came mainly in September amid reports that DSP MF sold securities of the company at a higher yield
Taparia of Motilal Oswal said the stock could see some bounce back after declining sharply in the last two derivatives series
with positive to range bound bias," said Taparia
The stock has immediate support near Rs 213 and could bounce back towards the Rs 250-level, it said.
Sun TV NetworkCMP: Rs 607.55
OI Change
in November series (%): 18.9
Share price change in November series (%): -9.6
Shares of Sun TV have been in a bear grip so far in the
November series, with its futures seeing addition of short positions as the market is disappointed with the advertising growth in the
September quarter, said analysts
Chandan Taparia, derivative analyst at Motilal Oswal, has seen a breakdown on technical charts
further decline towards Rs 565 levels while Rs 630 could act as an immediate barrier to hold the bear grip in the counter," said
Taparia.
Jet Airways (India)CMP: Rs 256
OI Change in November series (%): 13.8
Share price change in Nov
series (%): 14
Shares of Jet Airways have been on a strong footing so far in the Nov series amid reports of initiation of second round of
talks with Tata Group for a deal
The airline on Tuesday said in a clarification to BSE that the news is speculative in nature
Independent market expert Ambareesh Baliga said if the rumour turns out to be true, it will be a positive development for shareholders,
employees, vendors and financial institutions.
