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The National Stock Exchange (NSE) futures & options (F&O) data shows that out of 178 stocks traded in the derivatives segment, these 3 stocks - Aarti Industries, Aurobindo Pharma and Trent - have seen notable short build-up last Friday.
As per the NSE F&O data, Aarti Industries November futures plunged nearly 9 per cent on Friday along with a sharp 22.5 per cent increase in open interest (OI) - thus implying likely short build-up at the counter.
Similarly, Aurobindo Pharma futures dipped 1.6 per cent alongside a near 11 per cent rise in OI; whereas, Trent futures declined 3.2 per cent backed by a 9.3 per cent jump in OI.
Against this backdrop, here are the key levels to help you plan your trading strategy in these 3 stocks.
Trent
Current Price: Rs 6,525
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Downside Risk: 17.5%
Support: Rs 6,380; Rs 5,850
Resistance: Rs 6,635; Rs 6,725; Rs 7,240
Trent stock has been drifting lower after it hit a high of Rs 8,345 in mid-October. The stock has now plunged over 22 per cent from its peak. In general, a fall of over 20 per cent from the peak implies likely change in trend from bullish to bearish.
In the process, the stock is now seen trading below its 100-DMA (Daily Moving Average) for the third straight trading session. The stock last traded below its key moving average in March 2023.
Technical chart suggests that the bias at the Trent counter is likely to remain bearish as long as the stock trades below Rs 7,240 levels. Interim resistance for the stock is visible around its 100-DMA at Rs 6,635 and Rs 6,725 - its 20-WMA (Weekly Moving Average).
On the downside, the stock seems on course to test its 200-DMA support, which stands at Rs 5,381 levels. Interim support for the stock can be expected around Rs 6,380 and Rs 5,850 levels. CLICK HERE FOR THE CHART
Aurobindo Pharma
Current Price: Rs 1,290
Downside Risk: 25.4%
Support: Rs 1,273; Rs 1,245
Resistance: Rs 1,440
Aurobindo Pharma stock is on the verge of testing its long-term 200-DMA support at Rs 1,273 levels. The stock last traded below its 200-DMA in March 2023; post the positive breakout Aurobindo Pharma has soared 226 per cent from levels of Rs 488 to a high of Rs 1,592 in September 2024. CLICK HERE FOR THE CHART
Further, the stock has given a 'Sell' signal on the weekly super trend line for the first time since February 2023. The medium-term chart suggests that the bias is likely to remain tepid as long as the stock trades below Rs 1,440 levels.
On the downside, apart from the 100-DMA, near support for the stock exists at Rs 1,245 - its 50-WMA. Break and sustained trade below shall open the doors for an extended fall towards the 100-WMA, which at present hovers around Rs 962 levels.
Aarti Industries
Current Price: Rs 436
Downside Risk: 9.4%
Resistance: Rs 462
Aarti Industries stock has witnessed a massive 43 per cent fall from its high of Rs 765 hit in August 2024. The stock is seen trading below the key moving averages on the daily and the weekly charts.
The long-term chart suggests that the stock seems on course to test support around Rs 395 levels. The near-term bias for the stock is likely to remain bearish as long as the stock trades below Rs 462. CLICK HERE FOR THE CHART
The stock, however, is trading in oversold territory; hence some pull-back from present levels cannot be ruled out.
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