8 stocks that could trade lower as the indices open with a negative bias
Indian equities are expected to open lower amidst negative global cues. As the indices continue to remain volatile, stock-specific action will continue to remain in focus. Based on the open interest data points, we believe stock-specific downward momentum backed by short selling and long unwinding could resume in today's trade.
Following are the 8 stocks that could trade with a negative bias:
Underline
|
OI (lakhs)
|
% OI Chg
|
Price
|
% Price Chg
|
Action
|
ARVIND
|
64
|
15.3
|
410
|
(3.9)
|
Short Buildup
|
BALKRISIND
|
12
|
13.7
|
1251
|
(2.4)
|
Short Buildup
|
NIITTECH
|
20
|
13.4
|
1107
|
(5.0)
|
Short Buildup
|
MARICO
|
82
|
12.8
|
317
|
(5.3)
|
Short Buildup
|
PCJEWELLER
|
168
|
(18.5)
|
111
|
(23.8)
|
Long Unwinding
|
KPIT
|
87
|
(9.0)
|
254
|
(1.8)
|
Long Unwinding
|
APOLLOTYRE
|
94
|
(7.2)
|
291
|
(1.7)
|
Long Unwinding
|
MINDTREE
|
33
|
(5.6)
|
1056
|
(2.6)
|
Long Unwinding
|
Note: Open interest is the total number of outstanding contracts that are held by market participants at any point in time. It can be used to gauge & identify an intermediate trend of underline securities in future and options market.
Price and Open Interest general rule:
PRICE
|
OPEN INTEREST
|
MARKET OUTLOOK
|
Decrease
|
Decrease
|
Long unwinding
|
Decrease
|
Increase
|
Short build up
|
No comments