HFT Scan: Algo traders active in Confidence Petroleum, Dish TV counters

High-frequency trading firms (HTFs) – or algo firms on steroids –use complex algorithms and powerful computers to execute trades at lightning speeds.

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High-frequency trading was active in Confidence Petroleum India, Dish TV, and Zee Media Corporation on February 16. Dish TV hit a 52-week high on February 16.

High-frequency trading firms (HTFs) – or algo firms on steroids –use complex algorithms and powerful computers to execute trades at lightning speeds. These firms typically try to capture the spread between the spot and futures prices, but recently they have been active in small, illiquid stocks as well.

The volumes generated by them, more often than not, attracts retail investors to these stocks.

Stocks where HFTs were active on February 16:

Confidence Petroleum India
Active names and traded stake: Citadel Securities (0.48 percent), Graviton Research Capital (0.47 percent), QE Securities (0.6 percent)
Stock movement and volumes: Gained 12.97 percent to Rs 103.2.
Technicals: Stock is above 50-DMA and 200-DMA
Fundamental trigger, if any: The company on February 15 reported a net income of Rs 5388 crore in Q3FY24

Dish TV 
Active names and traded stake: HRTI Private Limited (1.24 percent), Graviton Research Capital (1.01 percent), Citadel Securities (0.51 percent)
Stock movement and volumes: Gained 9.3 percent to Rs 23.5 Trading volumes at 31 crore shares versus 1-month average of 8 crore shares
Technicals: Stock is below 50-DMA and 200-DMA
Fundamental trigger, if any: The company on February 8 announced its Q3FY24 results

Zee Media Corporation
Active names and traded stake: HRTI Private Limited (0.76 percent)
Stock movement and volumes: Gained 10.18 percent to Rs 66.05. Trading volumes at 3 crore shares versus 1-week average of 72 lakh shares
Technicals: Stock is above 50-DMA and 200-DMAFundamental trigger, if any: The company on February 13 reported a revenue of Rs 167 crore in Q3FY24