Reliance snaps 8-day losing streak

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Check out the open interest of the companies from the F&O corner that are making headlines  ⤵️

Options setup (Expiry: 23 March)

⭐Reliance snaps 8-day losing streak
₹2,269 ▲68 (+3.1%)

Reliance Industries shares rose over 3% on Tuesday after falling for eight straight sessions. This comes after the central government slashed the windfall tax on domestic crude oil to ₹3,500 from ₹4,400 per tonne. The OI of its March Futures contract declined 5.4%, indicating short-covering. Meanwhile, the call option OI on the 2,280 and 2,300 contracts fell 15% and 27%, respectively.

⭐NTPC subsidiary signs MoU with Indian Army
₹176 ▲0.9 (+0.5%)

NTPC Renewable Energy, a subsidiary of India's largest energy conglomerate, signed an MoU with the Indian Army to set up green hydrogen projects at Army establishments. Against this backdrop, the OI of its March Futures contract declined 4.7%, indicating short-covering. Meanwhile, the call option OI on the 178.25 and 180 contracts fell 0.8% and 1.0%, respectively.  

⭐Granules arm gets clean chit by USFDA
₹288 ▲6 (+2.2%)

Shares of Granules India surged more than 2% on Tuesday, while the OI of its March Futures contract fell 0.3%, indicating short-covering. This comes after the pharmaceutical company's arm, Granules Consumer Health, received zero observations in its audit by the USFDA. The USFDA inspected the company's packaging unit in Manassas from 15 to 20 March.  

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