Many of the biggest gainers of the year such as
, Deepak Nitrite and others succumbed to exorbitant selling pressure as investors sought to realize some of their paper profits.
However, amidst the chaos few stocks stood tall and in fact, garnered bullish positioning from investors over the past three sessions. Of the 180 stocks in the futures and options segment, only five stocks saw addition of long positions between October 14 and October 20.
Most prominent among them is . The telecom company’s stock had stood firm in the face of market weakness given investor confidence on earnings potential and valuations. The Open Interest in the October contract of the stock rose 3.5 per cent since Thursday, which was complimented by a 3.2 per cent increase in the price of the scrip.
Zee Entertainment Enterprise is a surprise name in the list given the uncertainty around the boardroom tussle at the company. Open Interest in the October contract of the scrip rose nearly 6 per cent with the stock rising nearly 1 per cent. Perhaps, investors are looking past the near-term uncertainty of the board room battle and focusing on the positives from revival in advertisement sales and possible merger with Sony India.
Manappuram Finance saw addition of long positions over the past three sessions, aided by the optimism for gold financiers going ahead. Brokerage firm CLSA Global Markets, earlier this month, initiated coverage on the sector on the expectation that the company will benefit from the rapid formalization of gold lending business.
L&T Technology Services is the sole IT name on the list despite the strong earnings performance from the pack so far for the quarter ended September. Open Interest in the October contract of the stock rose 3 per cent since Thursday alongwith a more than 2 per cent rise in the scrip’s price. L&T Technology backed its strong earnings for the September quarter with firm commentary.
Page Industries saw addition of bullish positions in its October futures contract as investors bet on the company to benefit from the reopening of offices in the coming months. Page Industries, which runs Jockey’s franchise in India, may see a boost in sales as individuals replenish their outdoor clothing needs as offices come back online. Open Interest in the October contract rose 3.4 per cent since Thursday with the scrip’s price rising 0.1 per cent.
