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Bajaj Finserv earning today; here’s what F&O data suggests

Vinayak Gangule
·2-min read

On Tuesday, the stock of Bajaj Finserv Limited opened with an upside gap and thereafter, witnessed a sharp upside. In the end, the stock had settled with gains of 6.82 per cent at Rs 8,924.15.

The price action has formed an opening bullish Marubozu candle, which suggests that the bulls were in a dominant position. The opening bullish Marubozu candle has no shadow extending from the open price end of the body. Opening bullish Marubozu candle indicates extreme bullishness.

January series stock future of Bajaj Finserv Limited witnessed a short-covering on Tuesday as the open interest fell by 3.87 per cent. The short-covering happens when the price is going up but the open interest is falling. January month’s current open interest is 6,98,500.

For January expiry, the total call open interest is 6,33,125 and the put open interest is 2,81,000. Hence, the open interest wise put-call ratio (PCR) is at 0.44 for January expiry. The put-call ratio (PCR) is a popular derivative indicator, which is designed to help the traders gauge the overall sentiment of the index or stock. The PCR is calculated by dividing the number of traded put options by the number of traded call options.

For January series, the highest call open interest is at 9,000 strikes with 1,18,000 OI. On the put side, the highest put open interest is at 8,500 strikes with 50,750 OI. The current derivative data suggest that Max Pain is at 8,800 for the monthly expiry.

Technically, the stock is trading in a downward sloping channel for the last 24 trading sessions. The upper trendline of the falling channel will be a major hurdle for the stock, which is currently placed in the zone of Rs 9,180-Rs 9200. In any case, if the stock sustains above the level of Rs 9,200, it will trigger fresh upward momentum. Currently, the stock is trading above its short and long-term moving averages. The leading indicator RSI has recently given a positive crossover on the daily chart, which is a positive sign for the stock.