Weekly Picks 13th Feb 2023

VOLTAS LTP 849

Voltas, established in 1954. It operates in three segments – unitary cooling products, electro-mechanical projects & services, and engineering products & services. Voltas is the undisputed market leader in the “room air conditioner” category for more than a decade, consistently maintaining the No. 1 position, and has steadily maintained its lead over the competition. The company is also globally recognised as an engineering solutions provider and a project specialist. It enjoys a strong presence across India, the Middle East, South East Asia, and Africa.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• Voltas corrected from highs of 1350 on Apr-22 to lows of 740 on Jan-23.
• The counter trading in a highly over-sold zone & witnessed a pull-back last month.
• Price charts formed “Bullish Doji” – a previous month’s reversal candle.
• The counter, holding above 800, exhibits reason to conclude a “range to positive” outlook targeting potential for a higher pull-back towards 900 & 940, followed by significant 1000 levels in weeks to come.
• The outlook remains “buy-on-dip” towards 840 & 800 levels while maintaining a stop below 780 on a weekly closing basis.

Open Interest Study

(Source: Fisdom research)

• As per Feb’23 open interest study, the counter has substantial PE build-up at around 800 level.
• The counter has maximum CE build-up at about 900 levels on the higher end.
• OI study indicates a “buy-on-dip” outlook above 800.

F&O Strategy

INTELLECT LTP 464

Intellect Design Arena Ltd. has the world’s largest cloud-native, API-led microservices-based multi-product FinTech platform for global leaders in banking, insurance, and capital markets. It offers a full spectrum of banking and insurance technology products through its four lines of businesses – global consumer banking, global transaction banking (iGTB), risk, treasury and markets, and insurance. With over 25 years of deep domain expertise, Intellect is the brand that progressive financial institutions rely on for their digital transformation initiatives.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom Research)

• Intellect exhibited a consolidation break-out from the last eight weeks, above 450, on a weekly closing basis.
• The counter’s oscillators generate positive signals.
• Ongoing structure build-up indicates a potential reversal of the corrective trend underway in the last ten months.
• The counter may witness fresh buying on dips towards 455 & 435 levels for potential higher 500 & higher targets after that.

Open Interest

(Source: Fisdom Research)

• As per the OI study, Intellect reflects maximum build-up at around 400 & 500 levels, respectively.
• The build-up indicates support & resistance for the current month.
• Buy-on-dip & sell-on-rise at these levels can be considered trading signals for the counter.

F&O Strategy

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