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Derivative watchlist: Key F&O Stocks to monitor today

The technical charts indicate a bullish setup in the GMR Infra, Dabur India, and Dalmia Bharat counters.

November 20, 2023 / 09:52 AM IST

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Here are three stocks to focus on when trading in the derivative space on November 20.

Dalmia Bharat Ltd | Bullish

"The stock has decisively closed above the 50-day simple moving average (SMA), showcasing a robust bias for the upcoming sessions. To sustain the rally, the stock needs to surpass 2220, encouraging buyers to participate in the upward trend," Avdhut Bagkar, derivatives and technical analyst at StoxBox.

Bagkar sees an immediate hurdle at 2,300, followed by 2,375. However, the underlying bias is poised to overcome these barriers, eventually reaching a new historic peak. Support for the stock is at 2,100, to be evaluated based on the closing prices.

The 200-SMA, positioned at 1,998, acts as the medium-term support, consistently reinforcing upside potential and witnessing accumulation around its levels.

Once 2,220 is breached in the next session, risk-inclined traders may consider taking an intraday position, holding 2,180 as a support level.

Dabur India Ltd | Bullish

This marks the first time since mid-October that the stock has managed to remain above its 200-SMA at 535. This momentum is expected to propel it towards levels of 555 and 570, according to the daily technical chart.

"The stock has also observed accumulation around its 200-weekly moving average (WMA) since the end of the October series. This accumulation indicates a gradual upside in the stock. The strength oscillator, Relative Strength Index (RSI), is yet to enter the overbought territory, signifying room for more rally," Bagkar said.

"Despite facing sell-offs on multiple occasions, the price action has not allowed the support of the 200-WMA average to diminish. With a decisive move, the counter has shifted into bulls’ territory, implying an optimistic outlook ahead."

Bagkar suggests that traders may go long on Dabur 540 CE at 8.45, with 5.50 as support, targeting levels of 13 and 17.

GMRInfra | Bullish Call

After a three-dip correction, the stock found support at the 100-day exponential moving average (EMA), followed by a short-term moving average crossover. "This indicates bullish momentum along with a strong structure. The stock has breached the falling trendline with sustainability on the higher side," Kapil Shah, a technical analyst at Emkay Global, said.

He suggests buy GMRINFRA at Rs 59 with stop-loss at Rs 56.80 and a target price of Rs 63.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.

Sucheta Anchaliya
first published: Nov 20, 2023 09:35 am

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