F&O stocks in focus: Long buildup seen in Naukri, Voltas, Laurus Labs

Stocks with long buildup in August series: Key levels to track on Voltas, Naukri and Laurus Labs as these stocks could potentially gain up to 9 per cent from present levels.

Naukri, Voltas and Laurus Labs are the three stocks that have witnessed fresh long buildup in the futures & options segment in recent days despite the high volatility in the overall market.

In general, a rise in the underlying asset accompanied with an increase in open interest (OI) for the corresponding derivative, indicates build-up of fresh long positions.

As such, these three stocks have registered gains up to 8 per cent on the back of 11 per cent rise in open positions in the last four trading sessions; thus indicating buildup of long positions at these counters for the August derivatives series.

 

Here's an outlook on the stocks based on the futures & options (F&O) data and technical chart patterns.

Voltas

Current Price: Rs 1,566

Upside Potential: 8.6%

Support: Rs 1,502; Rs 1,489

Resistance: Rs 1,600

Technically, Voltas stock is seen treading along the higher-end of the Bollinger Bands on the daily scale for the last four trading sessions. The stock had rallied 8.3 per cent on the back of 11.7 per cent jump in OI.

The stock seems to be facing considerable resistance around the Rs 1,600 levels. The stock needs to break and trade consistently above the same, for a fresh rally to emerge. On the upside, the stock can potentially target Rs 1,700. Support on the downside for Voltas is seen at Rs 1,502 and Rs 1,489 levels. CLICK HERE FOR THE CHART

The options data shows a PCR of 0.9; indicating higher open positions in Calls versus Puts. The highest OI is seen at Rs 1,600 Call followed by Rs 1,700; data suggests strong resistance for Voltas around Rs 1,620, above which short-covering seems likely. Among Puts, highest OI stands at Rs 1,500 Strike Price followed by Rs 1,400.

Info Edge (India) - Naukri

Current Price: Rs 7,371

Upside Potential: 4.1%

Support: Rs 7,350; Rs 7,290; Rs 7,200

Resistance: Rs 7,480

The OI in Naukri has risen by 6 per cent in the last four days, while the stock has rallied 4.7 per cent. 

The Naukri stock is seen attempting a breakout on the daily chart, as it trades above the higher-end of the Bollinger Bands, which stand at Rs 7,350. The bias is likely to remain bullish as long as this support is held. 

On the upside, the stock can potentially rally to Rs 7,670 levels, with interim resistance likely around Rs 7,480 levels. Support on the downside stands at Rs 7,290 and Rs 7,200 levels. CLICK HERE FOR THE CHART

The PCR reading for Naukri stands 0.7; indicating higher open positions in Calls versus Puts. The highest OI in Calls is visible at Rs 7,500 followed by Rs 7,300; data suggests strong resistance for Naukri around Rs 7,600 levels. Among Puts, highest OI is seen at Rs 7,000 and Rs 6,800 Strikes.

Laurus Labs

Current Price: Rs 430

Upside Potential: 9.1%

Support: Rs 415

Resistance: Rs 436; Rs 442

Laurus Labs has logged gains in the last three trading sessions, wherein the stock has advanced 0.5 per cent accompanied with a near 6 per cent increase in OI.

Laurus Labs stock has been repeatedly testing support around its 200-DMA (Daily Moving Average) since June. The stock once again seems to have found support, and is now seen attempting a bounce back. Key momentum oscillators are showing signs of a promise; hence the stock may pull back towards its super trend line resistance at Rs 469 levels. Interim resistance for the stock is seen at Rs 436 and Rs 442. CLICK HERE FOR THE CHART

Laurus Labs PCR stands 0.4; meaning there are more than 2 open positions in Calls for every OI in Puts. The highest OI in Calls is seen at Rs 480 followed by Rs 450 Strike; data suggests resistance likely around Rs 440 - Rs 445 levels. On the other hand, highest OI in Puts is visible at Rs 400 and Rs 430 Strikes.