PEL - Analysis for Intraday and Swing Trading

PEL 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 Trades. We also check out the Trend Cycles of it.

PEL has given closing at 897.0 on 17^th April 2020. Highest call open interest is at 1000 strike price and highest Open interest at put side is at 900 strike. Major unwinding has been seen at put side.

Trading Range Of PEL 

Now time to find out the trading range of the PEL. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the PEL. Trading range seems to be 750 to 1000.

1. Highest Call at 1000. 

2. Highest Put at 900. 

3. Pivot Strike at 900.

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

Trend Cycles

Conclusion:

PEL is near at very important support that is 900. If it sustains below 900 then some move towards 850 and 800 can be seen. And if it protects the support at 900, we can see some move towards 1000.
This may take 6 to 7 trading days to happen. Trend Cycles of PEL is on the weaker side, and shows some short-short cycles on it. If the short cover comes with fresh buying we can see good up move in PEL. For the upside, PEL needs to be protected 900 effectively. So make or break level for PEL is 900. If it doesn’t protect that then move towards 850 can be seen.

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.

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