Weekly Picks 20th March 2023

1. Bharat Petroleum Corporation Ltd.

BPCL is a Maharatna public sector undertaking, and a Fortune 500 oil refining, exploration and marketing conglomerate. Bharat Petroleum is among the leading oil and gas companies in India. The first drive-through fuel station in India was built in 1928. From then, our pan country network of Fuel Station has crossed 16,000 mark, with approximately 1 Crore vehicles fuelling up every day.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

Source: Fisdom Research

• BPCL formed a “bullish engulfing” candle on the weekly charts and closed firmly last week.
• Technically, the counter has formed a robust interim base at around 320 levels (Weekly Double Bottom) in the last 16 weeks.
• For the coming weeks, an investor can look at dips towards 340 and lower levels around 325 for fresh short to medium-term trading.
• On the higher end, the counter can target 360 and break out above it for gradually more elevated levels of 400 and above.

Open Interest Study

Source: Fisdom Research

• The open interest for Mar-23 has the maximum put option build-up at around 340 and the next at 330 levels, indicating support levels for the series.
• While 360 and 350 have the maximum call option build-up after that.
• Overall, the open interest suggests a “range to positive” outlook above 330 levels, and a fresh short covering can be expected once it sustains above 360 levels in the coming weeks.

F&O Strategy

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2. Delhi Land & Finance Ltd.

Founded in 1946 by Chaudhary Raghvendra Singh, DLF started with the creation of 22 urban colonies in Delhi. In 1985, the company expanded into the then-unknown region of Gurugram, creating exceptional living and working spaces for the new Indian global professionals. Today, DLF is the largest publicly listed real estate company in India, with residential, commercial, and retail properties in 15 states and 24 cities.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• DLF formed a “weekly bullish engulfing” candle on the weekly chart and closed firmly under its interim hurdle of 380 levels.
• Consider the counter for “Buy-On-Dip” towards support levels with strict stops.
• Immediately, the support can be at 360 and the next significant support at 340 levels.
• On the higher end, the potential targets can be at 420 once it sustains above 380 levels in the coming days.

Open Interest

(Source: Fisdom research)

• For Mar-23, the maximum OI build-up for DLF in CE is around 400 & 380, indicating resistance.
• Support can be considered at 350 & 360 levels on the lower end, as the maximum PE build-up is at those strikes.
• Overall, dips should be awaited for fresh entry towards support levels, and short-covering needs the counter to hold above the first 380 & later above 400 levels, which are immediate resistances.

F&O Strategy

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