Action in the market has turned stock-centric ahead of the beginning of the first phase of national polls from April 11. While Jet AirwaysNSE -1.61 % has been reacting to the news flow around stake sale, DLF is in the limelight as Government of Singapore sold stake in the company on Monday. Ambuja CementsNSE -1.43 %, Jet Airways, Tata MotorsNSE 4.93 %, DLF and Amara Raja Batteries have seen open interest increase by 25-122%. ET takes a look at these five stocks which are seeing significant increase in open interest.
CMP (Rs ): 225.60
OI Chg in Apr Series (%): 122.52
Spot Price Chg in Apr Series (%): -2.7
The stock is looking weak on technical charts, said analysts. The negative pattern suggests that the stock can fall to Rs 210-Rs 215 level, said Nagaraj Shetti, technical research analyst at HDFC Securities. Chandan Taparia, derivative analyst at Motilal Oswal also sees support for the stock near Rs 215.
JET AIRWAYS (INDIA)
CMP (Rs ): 264.25
OI Chg in Apr Series (%): 24.93
Spot Price Chg in Apr Series (%): -1.84
The stock has been in the thick of action in recent weeks as lenders have now taken control of the debt-laden airline. Latest reports suggest that the troubled airline has delayed repayments worth more than $18 million to global lenders including Citibank that financed its purchase of Boeing 777 planes. However, Nagaraj Shetti of HDFC Securities believes that the stock may see upmove till Rs 290-295 after some consolidation.
CMP (Rs ): 200.55
OI Chg in Apr Series (%): 19
Spot Price Chg in Apr Series (%): 17.6
The stock has been one of the biggest gainers among Nifty constituents in the recent market rally. Recently, its UK-based subsidiary Jaguar Land Rover said it expects improved financial results during the March quarter. The stock is likely to see some more upside and it may move up to Rs 235 in the next one month, said Shetti of HDFC Securities.
CMP (Rs ): 184.60
OI Chg in Apr Series (%): 75.09
Spot Price Chg in Apr Series (%): -4.87
The stock was in the limelight on Monday as Government of Singapore sold 6.8 crore shares of the real estate company at Rs 191 apiece. The data also showed that Societe Generale bought 2.09 crore shares of DLF at Rs 191 per share. The stock has been trying to surpass the level of Rs 210 for the past 10 days, said Taparia of Motilal Oswal. It has fallen sharply and can further slip to Rs 172 in the near term, said Taparia.
AMARA RAJA BATTERIES
CMP (Rs ): 679.85
OI Chg in Apr Series (%): 58.19
Spot Price Chg in Apr Series (%): -5.24
The stock has been in a bear grip after the company terminated an agreement between Galla family and Johnson Controls and consequent termination of its other agreements with Johnson Controls. The stock had hit a 52-week low of Rs 650 last week after the termination of the agreement. The lack of clarity on Brookfield’s thought process on India business and its potential 24% stake in Amara Raja will remain an overhang on the stock in the near term, said Kotak Institutional Equities. The brokerage sees fair value for Amara Raja at Rs 700.