LT - Analysis for Intraday and Swing Trading

LT 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. Before this, we have analyzed HDFC Bank : You can check here.

LT  Option Front :
LT has given closing at 903.5 on 15^th June 2020. Highest call open interest is at 1000 strike price, followed by 1100 and highest Open interest at put side is at 900 strike followed by 800.

Trading Range Of LT 

Now time to find out the trading range of the LT. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the LT. Trading range seems to be 800 to 1000.

1. Highest Call at 1000. 

2. Highest Put at 900. 

1. 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:

LT 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 able to sustain above the support at 900, we can see some move towards 950 and 1000. 

This may take 6 to 7 trading days to happen. In the last two days, LT has given short-short. If we get another short then 850 will be on the cards otherwise 950 and 1000 can be seen. These all depends on the pivot level 900 as it is the make or break level for the LT.

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.

 You can check here Daily Nifty and Bank Nifty Analysis.

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