F&O Buzzer: Short Exide Industries and HPCL, says analyst; predicts downside on second half of expiry

At 1:39 pm on October 26, Hindustan Petroleum was down 2.36 percent to Rs 240.25 while Exide Industries were trading at Rs 245.15, down 2 percent

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Hindustan Petroleum (HPCL) and Exide Industries are showing bearish momentum and analysts suggest shorting the stocks in the second half of the expiry. Hindustan Petroleum and Exide Industries extended the rout in their stock prices for the fourth straight day as the stocks declined by 7.28 percent and 7.45 percent in the last five trading sessions, respectively.

At 1:39 pm on October 26, Hindustan Petroleum was down 2.36 percent to Rs 240.25 while Exide Industries were trading at Rs 245.15, down 2 percent.

Avdhut Bagkar, Derivatives and Technical Analyst from Stoxbox was bearish on both stocks and said  Hindustan Petroleum will trade between 232-225 levels while Exide Industries will trade between 235-225 levels.

Analyst said that Hindustan Petroleum will trade between 232-225 levels

“Following a breakdown of the 200-simple moving average (SMA), the stock has witnessed a massive build-up of shorts on 245 PE and 240 PE. The trend remains feeble, with any rise to be opt for more sell-off. The hurdle falls at 244 and 247 levels. The bias remains weak for this counter as it turns sour below the 200-SMA. The implied volatility has sharply risen from 24 to 35 post delivering a breakdown. The stock is drifting towards 232 – 225 levels”, Bagkar said about Hindustan Petroleum.

According to analysts, Exide Industries is expected to trade between 235-225 levels.

Regarding Exide Industries, Bagkar said, “The failure to sustain over the 50-SMA has led to a breach of previous support of 252, triggering selling pressure in the counter. The Bollinger band has broken out after a sharp squeeze representing a move with an increase in implied volatility. The 245 CE and 247.50 CE both are experiencing writing, with IO showing a significant rise. Option data reveals a downside towards 235–225 levels.”

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