Never miss a great news story!
Get instant notifications from Economic Times
AllowNot now


You can switch off notifications anytime using browser settings.
11,921.50-96.9
Stock Analysis, IPO, Mutual Funds, Bonds & More

Infy, Bajaj Finserv among stocks seeing surge in trader interest

ET takes a look at stocks seeing interest in the November futures and options series.

, ET Bureau|
Nov 05, 2019, 07.43 AM IST
0Comments
Stock indices could hit new highs in November but upsides are likely to be capped because of concerns that the recent run-up has led to elevated valuations. Analysts said investor activities are likely to be restricted to a fewer stocks, especially driven by news flow. ET takes a look at stocks which are seeing interest in the November futures and options series.

APOLLO TYRES


CMP (Rs): 185.55

OI Change in Nov series (per cent): -2.5

Spot Price Change in Nov series (per cent): 32.6

Investors are booking profits in Apollo Tyres after the stock gained 12 per cent in the last one month. Rajesh Palviya, head-technical and derivatives at Axis Securities said one can start buying the stock near Rs 180 which is an important support level. Palviya has a target of Rs 190 on the stock in the near term.

CADILA HEALTHCARE

CMP (Rs): 241.65

OI Change in Nov series (per cent): -4

Spot Price Change in Nov series (per cent): 12.9


Cadila Healthcare has seen build-up of short positions, mainly on Monday, as the company has received a warning letter from the US drug regulator for its Moraiya formulation facility. Moraiya is one of the important plants for the company and currently contributes more than 45 per cent to its US revenues. Palviya of Axis Securities said a break below the crucial level of Rs 230 can lead to a further fall of Rs 10 in the stock.

JINDAL STEEL & POWER

CMP (Rs): 137.2

OI Change in Nov series (per cent): 9.6

Spot Price Change in Nov series (per cent): 18

Traders are taking bullish bets in Jindal Steel November futures as the Naveen Jindal-owned company has won Gare Palma IV/5 coal block in the latest round of auctions. Jindal Steel has emerged as the highest bidder for the coal block with a bid price of Rs 230 per tonne, a premium of 53 per cent over the reserve price, said an ET report quoting sources. Chandan Taparia, derivative analyst at Motilal Oswal, said the stock is likely to find support at Rs 130 and may test Rs 145 in the near term.

INFOSYS

CMP (Rs): 709

OI Change in Nov series (per cent): 4.8

Spot Price Change in Nov series (per cent): 3.4

Positive sentiment returned to Infosys on Monday after the IT major informed bourses that it has not received any evidence to corroborate allegations made in a whistleblower letter last month. The stock had declined more than 13 per cent in the last one month. Technical analysts said the stock is seeing build-up of long positions and if it sustains above Rs 690, the stock may see more buying which can take it higher to Rs 730-Rs 740 levels.

BAJAJ FINSERV

CMP (Rs): 8706.6

OI Change in Nov series (per cent): 19.5

Spot Price Change in Nov series (per cent): 7

Bajaj Finserv has also seen build-up of bullish positions. The stock ended up for the third straight day on Monday. The company had reported a 71 per cent year-on-year rise in consolidated net profit for the September quarter to Rs 1204 crore. SBICAP Securities said the strong show in the second quarter was driven by robust underlying performance across businesses supported by lower taxes and realised investment gains.
Comments
Add Your Comments
Commenting feature is disabled in your country/region.
Download The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.

Other useful Links


Follow us on


Download et app


Copyright © 2019 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service