Motherson Sumi, which rose over 13% to a new 52-week high following March quarter results, and Sumitomo Chemical, which soared almost 14% on Wednesday, were among the stocks in focus.
The spotlight is on bank, car, and energy companies.
In the June derivatives series, the focus is on banking and finance, automobiles, and oil and gas firms. Due to the current recovery in commodity prices, traders are accumulating bullish positions in state-owned banks, while several metal stocks continue to attract positive attention. Due to May sales figures and company profits, auto stocks are in the spotlight. Meanwhile, in the futures market, traders are covering short bets in Reliance Industries, the country’s most valued firm, and anticipate it to recapture record highs shortly. The top trading bets in the June futures sector are examined by ET.
Current Market Price: Rs 163.8
OI Change in June Series: 36%
Share Price Change in June Series: 6.6%
As part of the recent advance in public sector banks, the stock has attracted optimistic interest. “It has been steadily rising over the past seven weeks, and PSU banks are also attracting interest. “It has support at Rs 155, and then it might climb into Rs 175-180 zones,” said Chandan Taparia, a Motilal Oswal derivative analyst.
Current Market Price: Rs 2,201.25
OI Change in June Series: -8%
Share Price Change in June Series: 11.4%
According to analysts, large polymer spreads have driven short covering, which has pushed the stock upward in recent days. “On a daily basis, Reliance has witnessed a sustained build-up and is making higher top – higher bottom moves. On a weekly scale, it is on the cusp of a new consolidation breakout,” said Taparia of Motilal Oswal. “It might travel into Rs 2,350 levels if it holds over Rs 2,120,” Taparia added.
Current Market Price: Rs 269.10
OI Change in June Series: 12.4%
Share Price Change in June Series: 15.4%
The majority of Motherson Sumi’s gains occurred on Wednesday, when the business announced a 289 percent year-over-year increase in its consolidated net profit to Rs 713.6 crore for the quarter ended March, much above analysts’ expectations. The stock has the potential to grow to Rs 285-290.
Amara Raja Batteries
Current Market Price: Rs 741.35
OI Change in June Series: 23.4%
Share Price Change in June Series: 0.5%
After auto battery producer Clarios recently sold a stake in Amara Raja, sentiment in the market has been sour. According to Palviya, the stock should be avoided. Shorting the stock might be dangerous, since it has already dropped 30% from its recent high of Rs 1,025, according to Palviya. If the price falls below Rs 720, he believes it would fall much more.
Current Price: Rs 124.1
OI Change in June Series: 16.15%
Share Price Change in June Series: -1.8%
Bearish wagers on Ashok Leyland have been placed by traders. One explanation for this is that the Hinduja Group’s main company reported a 62 percent drop in overall car sales in May. In the short term, Rajesh Palviya, head-technicals and derivatives at Axis Securities, believes the stock would trade in a band of Rs 110 to Rs 130. Palviya said that if it breaks the Rs 118 mark, it would fall to Rs 108. The stock’s near-term trend would be good if it stays above Rs 118, and if it surpasses Rs 128 then it might climb to Rs 140, according to Palviya.