F&O Pulse: Long buildup in Kotak, SBI Life ,Axis Bank; shorts buildup in Nestle, Eternal, Airtel

NIFTY50 continues to trade in the red, paring the majority of early gains on Wednesday. Meanwhile, SENSEX hovered around flat lines with roughly 10-point losses on Wednesday afternoon. The index continues trade near previous day’s intraday low, indicating absence of fresh buying at higher levels. The early morning gains were primarily boosted by positive global market outlook in Asia, a sharp fall in crude oil prices and cooled off US treasury yields.

The broader market activity remains resilient with inching for making fresh record highs. The NIFTY Midcap 100 made fresh record high of 64,450 on Wednesday amid strong buying in the index heavyweights of Midcap 100. Similarly, the NIFTY smallcap 100 rose over 150 points or 0.7% on Wednesday, slightly below the fresh record high levels of 20,076.

Despite the volatilityin the benchmark index, the F&O space is buzzing strong activity. Here is how positions are building in the F&O stocks.

Long additions

From the NIFTY50 index, stocks like Kotak Mahindra Bank (+3.6%), HDFC Life (+2.4%),Axis Bank (+1.7%), SBI Life (+1.1%), SBI (+0.8%) witnessed strong long additions.

From the Midcap NIFTY space, Policybazaar (+3.2%), Ashok Leyland (+2.0%), Lupin (+1.6%), Paytm (+1.04%) also witnessed strong long additions on Wednesday for the new September Series.

Short additions

On the short side, the Shares of Shriram Finance (-2.6%), Nestle India (-1.7%), LT (-1.6%), Eternal (-1.5%), Bharti Airtel (-1.5%), witnessed pessimism and strong fresh positions on the short side.

In the Midcap NIFTY space, share of LICI (-2.5%), Indus Tower (-1.1%), Bharat Forge (-1.06%) were tht top stocks with strong open interest addition on the short side.

Top OI gainers & losers

Meanwhile, the stocks like Premier Energy (-5%), APL Apollo (-0.1%), OFSS (+0.9%), Phoenix (+0.1%), Hyundai (+1.8%) witnessed strong open interest addition on Wednesday afternoon. On the flipside, L&T Finance (+1%), RVNL (+0.9%), LIC Housing Finance (+2.9%), NYKAA (+0.5%) and others witnessed strong open interest deletion on Wednesday, suggesting sectoral rotation to diversified sectors.

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