Reliance Capital - India's leading NBFC and a part of Anil Ambani's group is among the most volatile stocks in Nifty Index.
Yesterday, the stock has added fresh open interest of 14.5 Lacs shares (around 16%) with increase in price by 5% and and volume increase of 1.4 times.
On the charts as well, it shows the momentum pickup as the stock breaches both long and short term averages.
On the options side, Put writing is seen in 340 Strikes (around 1 Lac shares have been added in it) which make a strong base around 340.
Considering all these factors, it is recommended to buy Reliance Capital around 360 with target levels of 380 and 403 where two levels of resistance are seen.
Have a good trading day!
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