According to the open interest data, there is an unusually heavy call unwinding and put writing in Infosys stock, indicating a potential uptrend in the stock on October 31.
Source: Derivatives trader, Rajesh Sriwastava
The chart illustrates a more than 10 percent change in Open Interest (OI) on the put side of Infosys, suggesting a long build-up. Conversely, unwinding is observed on the call side, with an OI change of around -2.4 percent. Additionally, Infosys stock closed above the VWAP levels of October 30.
As of 3:30pm on October 30, the Infosys stock closed at Rs 1377.05.
Similarly, Kotak Bank, ICICI Bank, and Indian Hotels show significant long build-up in their positions. However, for Kotak and ICICI bank, these kind of position built-up is a usual activity, according to Rajesh Sriwastava, derivatives trader.
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