F&O Buzzer: DLF, Godrej Properties to see some buying interest

The market extended losses for the second trading session in a row as the Nifty 50 went down 29.15 points to 19,050.45 at 12:32pm on November 1.

Realty stocks are bucking the trend with long build-ups. DLF and Godrej Properties are two such stocks which saw buying interest on November 1. Both have gained more than 1 percent in the session with DLF surging by 2.5 percent to Rs 577.6 at 12:32pm.

Open Interest data shows DLF has significant puts written at 590 levels, indicating support at that level. Sameet Chavan, chief analyst for technical and derivatives at Angel One, also said that traders are closely monitoring the 600 zone.

“The November series started with a modest rollover but quickly picked up momentum in the first week. Over the week, this stock experienced a substantial 8 percent surge, accompanied by a notable increase in open interest. This surge indicates a significant build-up of long positions in the upward movement.” he said.

Open Interest data shows DLF has significant puts written at 590 levels indicating support at that level.

Regarding Godrej Properties, Chavan stated that though the stock witnessed short-covering recently which resulted in an upswing, today’s session saw renewed buying interest. “Nevertheless, given the concentration of open interest, it is probable that the 1,700-odd range will pose an immediate resistance, with 1,750 following behind. A move beyond these levels would significantly enhance the medium-term chart structure for this counter,” Chavan said.

The bars in green represent the change in put open interest (OI), while the ones in red depict the change in OI for call options. 

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