F&O Buzzer | Bullish setup seen in Navin Fluorine as it sees spike in open interest

The stock price has been volatile in the last few months. The counter is down 13 percent in the last three months but up 10 percent in six months.

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Navin Fluorine saw a significant rise in open interest in early trade along with increase in price and volume, reflecting that bulls are converging on the stock.

In the cash market, the stock traded up 4.2 percent to Rs 4069.35 for some unexplained reason. Volume also jumped nearly twice the two-week average in just one hour of trading. Near-month futures contracts also surged about 4 percent.

The stock has been volatile in the last few months. The counter traded down down 13 percent in the last three months but gained 10 percent in six months.

The price crossed the 20-day moving average while MACD also climbed above the signal line, data at MyF&O showed. Moving average is a trend indicator, while MACD is a trend-following momentum indicator.

Bars reflect changes in OI during the day. Red bars show call option OI and green put option OI.

On the options front, call writing was seen at 4,100 and 4,200 strikes, while call unwinding was seen at 4,000 levels as traders shifted their expectations. The 4,000 level saw heavy put writing, a sign that this level is emerging as new support for the stock.

Maximum call (red line) and put (green line) OI on last five day chart. Usually maximum put and call OI form support and resistance, respectively.

Overall, open interest (OI) was up 18 percent compared to the previous day.

Last month, JM Financial had rated it a ‘buy’ with a target price of Rs 5090.

Disclaimer: Trading in futures and options markets is extremely risky. Traders and experts mentioned above may not be SEBI registered. Hence, trades they have taken should not be construed as investment or trading advice. Please consult a financial adviser before taking any trades.