Angel One, Kalyan Jewel among 5 F&O stocks with short positions in 3 days

Angel One, Kalyan Jewellers, Union Bank, CAMS and JSW Energy have seen open positions increase up to 53 per cent amid a fall in share price; shows NSE derivatives market data.

Despite Tuesday's mild pull-back the National Stock Exchange (NSE) benchmark - the Nifty 50 index has declined 2 per cent in the last three trading sessions amid worries over HMPV virus, sustained selling pressure by foreign investors and a weak Rupee.  Amid the downturn, the Nifty January futures has witnessed a 1.8 per cent rise in open interest (OI) while premium for the futures contract remains around Rs 90 levels.  Technically, on the daily chart, the Nifty formed an insider bar candle on Tuesday. The Nifty is expected to face resistance near 23,900 levels, where its 200-days Simple Moving Average (200-DSMA) is placed. On the downside, the index held 250-DSMA support near around 23,500 levels, said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates in a note.  Meanwhile, the other most actively traded futures contract on the NSE - the Bank Nifty January futures has shed 2.8 per cent with a 1.6 per cent rise in OI in the same period.    On the charts, the Bank Nifty has found support near 250-DSMA) and formed a bullish harami candlestick pattern, indicating strength. However, the index is still placed below recent breakdown point of 50,500 and 200-DSMA, which is near 50,700 levels; a decisive break above 50,700 is required to trigger a rally, Hrishikesh Yedve added.  Cues from the derivatives market  The Nifty options market displayed a cautious tone, with call writers dominating over put writers, signalling hesitancy among participants. The 24,000-strike call, OI surged to 1.26 crore contracts, reinforcing it as a formidable resistance level, explained Dhupesh Dhameja, Derivatives Analyst at SAMCO Securities.  Conversely, the 23,500-strike put accumulated 62.36 lakh contracts, establishing it as a reliable support zone. Active trading in the 23,800–24,000 call range and the 23,700–23,500 put range underscores immediate resistance at 24,000 and firm support near 23,500. The "max pain" level at 23,900 suggests limited downside risk in the near term, Dhupesh added.  5 stocks with short build-up in January F&O series  Amid the recent volatility the volatility - these are the five stocks which declined in the range of 6 - 9 per cent in the last three trading sessions in the futures & options (F&O) segment on the back of significant rise in OI; thus implying build-up of short positions at these counters.    Union Bank of India January futures saw a massive 53.5 per cent increase in OI in the last three days while the stock price tumbled over 7 per cent. The stock was followed by Kalyan Jewellers which fell over 9 per cent in the same period amid a 40.5 per cent jump in OI.  Similarly, CAMS, JSW Energy and Angel One registered up to 7 per cent dip in the share price alongside an increase of 33.4 per cent, 23.3 per cent and 20 per cent in OI.