Weekly Picks 1st January 2023

ADANIPORTS LTP 819

Adani Ports and SEZ Ltd is a leading integrated logistics player with strategic focus on speed, customers’ centricity and sustainable value creation. APSEZ represents a large network of ports with India’s largest SEZ at Mundra. APSEZ Port Business is integral to its Logistics Business and is India’s Largest private port operator with presence across 12 locations.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• The counter reflects a temporary base at ~780 levels with a major support at ~750 levels
• Positionally, the counter has retraced from highs of 1000 to ~800 levels; offers opportunity for fresh buying through delivery.
• Traders can keep buying towards 810 and 790 levels with a stop below 770 basis daily closing.
• The counter is expected to re-test 860 and higher 900+

Open Interest Study

(Source: Fisdom research)

• Adani Ports’ open interest study for Jan’23 series, in the last two trading sessions, exhibits strong resistance build-up at 900 levels.
• Support positioned at 800-odd levels; approach to which can be considered opportunity to build fresh long positions with strict stops

BAJFINANCE LTP 6577

Bajaj Finance Limited, the lending arm of Bajaj Finserv Limited, is one of the most diversified NBFCs in the Indian market, catering to 58 million customers across the country. Headquartered in Pune, the company’s product offering includes Consumer Durable Loans, Lifestyle Finance, Digital Product Finance, Personal Loans, Loan Against Property, Commercial Lending/SME Loans, Loan Against Securities and Rural Finance which includes Gold Loans and Vehicle Refinancing Loans along with Fixed Deposits.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• Bajaj Finance has underperformed in the past three months. Considering 6400 and 6200 as supports, bias for the counter is “range-to-pullback”.
• The pullback bias can chase potential of 6800 and major 7000 levels
• Oscillators are indicating positive divergence

Open Interest Study

(Source: Fisdom research)

• Open Interest study reflects strong resistance build-up at 7000 levels and relatively weaker PE build-up at 6500 and 6400 levels.
• Hedged long strategies would be prudent till counter remains below 7000, positionally. Avoid aggressive longs.

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