Weekly Picks 27th Feb 2023

Indian Hotels Company Ltd

IHCL and its subsidiaries bring together a group of brands and businesses that offer a fusion of warm Indian hospitality and world-class service.
These include Taj – the iconic brand for the most discerning travellers and ranked as the World’s Strongest Hotel Brand and India’s Strongest Brand across sectors as per Brand Finance Hotels 50 Report 2022 and India 100 Report 2022, respectively; SeleQtions, a named collection of handpicked, storied hotels; Vivanta, a chain of contemporary upscale hotels that celebrate joie de vivre; Ginger, a brand that is revolutionizing the lean-luxe segment, and amã Stays & Trails, a charming portfolio of private bungalows and villas set in picturesque locales.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• Technically the counter is in “Time & Price” correction mode from a high of 348 made on Oct-22 to a low of 280 on Jan-23.
• The counter witnessed a sharp pull-back from lows of 280 to highs of 330 in Feb-22 & after that, entered consolidation mode in the last three weeks.
• Technically, the counter holds a “Range to Positive” outlook above 280 levels in the short to mid-term for potential 350 levels once again. Short covering cum fresh consolidation break-out can be expected only once it sustains above 350.
• For the coming week, buy on dip can be looked at proportionately towards supports of 300/290, maintaining a stop below 280 or 260 on a closing basis as per risk appetite.

Open Interest Study

(Source: Fisdom research)

• Open Interest for Mar-22 has maximum PE build-up at around 300 & lower 290 levels indicating support.
• Maximum CE build-up is at around 320 & 330 levels indicating hurdles initially.
• A change in OI next week can further indicate the change in sentiments in the counter for the March series. Overall, 300 & 320 can be immediate trading zone as per OI, with the upside capped now.

F&O Strategy

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Can Fin Homes Ltd

Can Fin Homes Ltd, a Housing Finance Company promoted by Canara Bank in 1987, the International Year of Shelter for the Homeless.

It is the preferred lender of the salaried class. Most of their loan book comes from the Salaried & Professional segment. However, during the last five years, they have been increasing their exposure to the Self-employed & non-professional (SE&NP) category. It has a pan India presence with 172 branches, 21 Affordable Housing Loan Centres (AHLCs0 & 12 satellite offices, and 205 outlets in total over 100 cities spread across 21 states & Union territories.

(Source: Moneycontrol, BSE, Fisdom Research)

Technical Outlook

(Source: Fisdom research)

• Technically, post forming a strong monthly bearish candle in Sep-22, the counter entered consolidation mode with positive bias.
• The counter immediate trading band is between 450 & 650, with a positive outlook above 480 odd levels.
• Within these ongoing consolidations, the oscillators & price structure indicate a “Range to Positive” outlook.
• The counter can be proportionately looked for partial buying on dips towards 550 & 510 levels, maintaining a stop below 480 or 450 on a closing basis.
• On the higher end, the potential immediate targets can be 600 & significant 640 to 700 in the best-case scenario.

Open Interest

(Source: Fisdom research)

• Open Interest for the March series in Canfinhome indicates a massive build-up in CE at around 600 levels, indicating strong resistance.
• On the lower end, the counter 550/540 can immediately support fresh long hedge bets expecting 600.
• Sustaining above 600 can only trigger fresh buying cum short covering in the counter for mentioned higher levels.

F&O Strategy

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