Persistent and IEX face selling pressure

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Check out the open interest of the Nifty50, Bank Nifty and F&O stocks that are making the headlines  ⤵️

Options setup (Expiry: 8 June)

⭐Persistent faces selling pressure

Shares of the IT company declined 4% yesterday. This comes after EPAM Systems, an US-based software engineering services company, reduced its revenue guidance for the second time in the past five weeks. In light of this, the open interest of Persistent Systems’ June futures contract increased 9.1%, indicating a short build-up.

⭐IEX shares decline  

Shares of the power trading platform were down 3% on Tuesday as IEX reported that the average spot power price on its exchange dropped 30% YoY to ₹4.74 per unit in May. The management attributed this to improving supply and cooler weather conditions. Meanwhile, its June futures contract’s open interest increased around 10.4%, signalling a short-build up.  

⭐HAL shares soar

Shares of the aerospace company rose 4.1% on Tuesday amid strong investor interest in defence companies. Experts said that the sector is witnessing a structural shift with the government increasing allocation for procurement of domestic defence platforms and equipment. Against this backdrop, the open interest of its June futures contract rose 2.8%, signalling long build-up. 

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