JSW Steel Analysis based on OI for Swing and Intraday Trade

JSW Steel is the stock that we are going to analyse today based on Open Interest and Change in Open Interest for swing as well as Intraday Trade. We also check the Trend Cycles of it.

JSW Steel Option Front :
JSW Steel has given closing at 238.45 on 6^th March 2020. Highest call open interest is at 240 strike price and highest Open interest at put side is at 270 strike. Some unwinding at put has side seen at 240 and 245 strikes.

 

OI Position in JSW Steel

Trading Range Of JSW Steel

Now time to find out the trading range of the JSW Steel. For this purpose we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the JSW Steel.

1. Highest Call at 240. 

2. Highest Put at 270. 

1. Pivot Strike at 240.

 

OI Change in JSW Steel

Highest call acts as the highest resistance and highest put will act as the highest support for the stocks.

Trend Cycles

 

Trend Cycles JSW Steel

Conclusion:

JSW Steel is nears at very important support that 240. If it sustains below 240 then some towards 200 can be seen. And if able protect the support at 240 we can see some move towards 270. This may take 6 to 7 trading days to happen. Unwinding in put sides is showing sell off in JSW Steel.

Also On Trend Cycles, it shows weakness. All eyes on 240 level.

Disclaimer : The analysis has been prepared for informational and educational purposes only. It is not and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action.