Max Fin, JSP, Oberoi: Strategy for stocks with highest F&O rollover to Nov

Dr.Reddy's, Apollo Tyres and Jindal Steel are among the five stocks which have seen rollovers of up to 88 per cent to the November series.

At the end of the penultimate day for the October series on Wednesday, the market wide rollovers stood at 72 per cent when compared with the last three-month average of 75 per cent on the same day.

According to rollover analysis by Nuvama Research, Nifty rollovers on the penultimate day stood a tad higher at 63 per cent as against the three-month average of 62 per cent. Stock futures rollovers; however, was lower at 74 per cent viz-a-viz the above comparable period at 77 per cent.

The report further stated that top rollovers from October to the November series were - Max Financial Services, Jindal Steel & Power, Oberoi Realty, Dr. Reddy's Laboratories and Apollo Tyres, in the range of 86 - 88 per cent.

Given the keen investor interest at these counters, here's a quick chart check for key levels to watch out on these stocks.

Max Financial Services

Current Price: Rs 880

Upside Potential: 13.6% 

Support: Rs 857; Rs 843

Resistance: Rs 905; Rs 910

The stock has witnessed a steady up move since mid-May, with the stock gaining as much as 48 per cent to its recent high of Rs 947 on October 19. Given the recent weakness at the counter, today the 20-day moving average (DMA) is seen dipping below the 50-DMA, thus indicating a likely tepid bias going ahead.

Key moment oscillators, both, on the daily and weekly charts too are in favour of the bears. However, the weekly chart also suggests presence of a strong support in the form of 20-WMA (Weekly Moving Average) at Rs 857. As long as this level is held on a weekly closing basis, the stock may witness a turnaround, and attempt a rally towards Rs 1,000-mark.

Similarly, on the daily chart, support for the stock is seen around its 100-DMA at Rs 843. On the upside, resistance can be expected around Rs 905 and Rs 910 levels. CLICK HERE FOR THE CHART

Jindal Steel & Power (JSP)

Current Price: Rs 639

Upside Potential: 16.5%

Support: Rs 630; Rs 600; Rs 594

Resistance: Rs 680

JSP has witnessed a near 10-per cent fall in the last six trading sessions. Further, the 20-DMA of the stock is also seen slipping below the 50-DMA. Presently, the stock is seen testing support at its 100-DMA at Rs 630 level, below which the next major support stands at Rs 600 - the 200-DMA.

Further, the weekly chart shows that since September 2022 the stock has respected the support at 50-WMA, which currently stands at Rs 594.

On its way up, the stock is expected to face resistance around Rs 680-odd levels. In case, the stock witnesses a turnaround from the support levels, the stock can potentially rally to Rs 710 or even further higher to Rs 745. CLICK HERE FOR THE CHART

Oberoi Realty

Current Price: Rs 1,057

Downside Potential: 8.5%

Resistance: Rs 1,070; Rs 1,079

With today's intra-day fall, Oberoi Realty is seen trading fairly below the 100-DMA on the daily chart. On Wednesday the stock dipped below the 100-DMA, but somehow managed to hold it on a closing basis. 

The daily chart suggests that the near-term bias is likely to favour the bears as long as the stock trades below Rs 1,070, above which immediate hurdle for the stock is seen at Rs 1,079 - the 100-DMA.

On the downside, the stock seems on course to test the 200-DMA at Rs 976. CLICK HERE FOR THE CHART

Dr. Reddy's Laboratories 

Current Price: Rs 5,430

Support: Rs 5,404; Rs 4,965

Resistance: Rs 5,508

Dr.Reddy's has broadly been trading in the Rs 5,430 - Rs 5,980 range since end-July. The stock is once again seen trading near the lower-end of the existing trading band at Rs 5,430-odd levels. 

The daily chart shows existence of two key supports nearby, the 100-DMA at Rs 5,404 and the lower-end of the Bollinger Bands at Rs 4,965.

As long as these support range is respected, the stock may pullback and attempt a bounce up to Rs 5,650 i.e. the higher-end of the Bollinger Bands. On its way up, the 20-DMA at Rs 5,508 may act as a resistance. CLICK HERE FOR THE CHART

Apollo Tyres

Current Price: Rs 370

Support: Rs 365; Rs 359

Resistance: Rs 375; Rs 384

Post a significant breakdown on August 11, the stock is seen trapped in a narrow band of Rs 365 to Rs 395. Presently, the stock is seen testing the lower-end of the existing trading range at Rs 370-odd levels.

This also nearly coincides with the lower-end of the Bollinger Bands, suggesting support at Rs 365 followed by the 200-DMA at Rs 359. As long as these support levels are held, the stock may attempt pullback towards the higher-end of the trading band, albeit resistance seen at Rs 375 and Rs 384. CLICK HERE FOR THE CHART