Top Nifty movers see robust delivery buying

The HDFC twins, ICICI Bank, Kotak Mahindra Bank and Infosys have been the top five contributors to the Nifty’s 621-point move from October 30-November 6. Not only have their returns trumped the Nifty’s 5.3 per cent gain over the five sessions through November 6, most of the stocks have seen good buying interest, based on their delivery to traded volumes (see chart). This shows solid backing to price moves, given their robust quarterly numbers, observe market analysts such as Chandan Taparia of Motilal Oswal Financial Services and Rohit Srivastava of IndiaCharts. Active options data for the likes of HDFC Bank, Kotak Bank and ICICI show further upside potential, given the sales of atthe-money puts and in cases short covering of call positions. For instance, in HDFC Bank, the greatest contributor, average daily delivery to traded quantity over the past five sessions was 44.29 per cent against the six month daily average of 42 per cent. Similarly, in ICICI Bank it was 34.29 per cent against 34.19 per cent. 79120457

from Economic Times https://ift.tt/3n8PkxQ
via IFTTT