Weekly Picks 6th Feb 2023

HDFC LTP 2695

(Source: Fisdom research)

• HDFC Ltd has been in consolidation mode since Nov-2022 within a tight range of 2500 & 2800 with a “positive” bias.
• The counter holds a “range to positive” outlook above its immediate support of 2500 levels.
• An investor can look at HDFC Ltd for trading long bets on dips towards 2680 & average around 2640 levels, maintaining a stop below 2600 or 2500 levels per risk appetite.
• The counter has a substantial immediate hurdle at around 2800 levels. Thus, fresh buying at higher levels should refrain.
• Sustaining above 2800 can trigger short covering & fresh buying the for next higher positional 3000 levels in weeks to come.

(Source: Fisdom research)

• HDFC Ltd’s open Interest indicates string resistance at around 2800 levels, while significant support for Feb-2023 can be at about 2500 levels with interim crucial 2600 levels.
• High-risk traders can maintain strict stops below 2600 levels & can add further longs once the counter sustains above 2800 with trailing stops.

F&O Strategy

L&T LTP 2166

Headquartered in Mumbai, Larsen & Toubro Limited is one of the largest and most respected companies in India’s private sector. With over 80 years of a strong, customer focused approach and a continuous quest for world-class quality, L&T has unmatched capabilities across Technology, Engineering, Construction, and Manufacturing, and maintains a leadership in all its major lines of business.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• The counter is witnessing a “Bullish” up-move since Jul-22 from the lows of sub-1500 to the current 2200 levels.
• For the last three months, the counter has been in consolidation mode between 2000 & 2300 with positive bias.
• Technically, a dip towards 2140 & 2080 can be looked for fresh trading long bets maintaining a stop below 2040 or 1980 as per risk appetite.
• The counter positionally can head higher gradually towards its following positional target cum resistance levels of 2400.

Open Interest

(Source: Fisdom research)(Source: Fisdom research)

• As per the Feb-23 open interest chain study, the maximum build-up is witnessed at around 2300 levels, which remains a first hurdle this month.
• While on the lower end, maximum put build-up is witnessed at around 2100 & 2000, which looks essential support zone.
• Thus, dips should be awaited for new entry per OI & trading levels.

F&O Strategy

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