FO Buzzer | Bullish setup seen in Navin Fluorine as it sees spike in open interest

January 12, 2023 / 11:15 AM IST

Navin Fluorine saw a important emergence successful unfastened involvement successful aboriginal commercialized on with summation successful terms and volume, reflecting that bulls are converging connected the stock.

In the currency market, the banal traded up 4.2 percent to Rs 4069.35 for immoderate unexplained reason. Volume besides jumped astir doubly the two-week mean successful conscionable 1 hr of trading. Near-month futures contracts besides surged astir 4 percent.

The banal has been volatile successful the past fewer months. The antagonistic traded down down 13 percent successful the past 3 months but gained 10 percent successful six months.

The terms crossed the 20-day moving mean portion MACD besides climbed supra the awesome line, information astatine MyF&O showed. Moving mean is simply a inclination indicator, portion MACD is simply a trend-following momentum indicator.

Bars bespeak changes successful OI during the day. Red bars amusement telephone enactment OI and greenish enactment option OI.

On the options front, telephone penning was seen astatine 4,100 and 4,200 strikes, portion telephone unwinding was seen astatine 4,000 levels arsenic traders shifted their expectations. The 4,000 level saw dense enactment writing, a motion that this level is emerging arsenic caller enactment for the stock.

Maximum telephone (red line) and enactment (green line) OI connected past 5 time chart. Usually maximum enactment and telephone OI signifier enactment and resistance, respectively.

Overall, unfastened involvement (OI) was up 18 percent compared to the erstwhile day.

Last month, JM Financial had rated it a 'buy' with a people terms of Rs 5090.

Disclaimer: Trading successful futures and options markets is highly risky. Traders and experts mentioned supra whitethorn not beryllium SEBI registered. Hence, trades they person taken should not beryllium construed arsenic concern oregon trading advice. Please consult a fiscal advisor earlier taking immoderate trades.