Momentum

5 High Momentum Stocks That You Must Buy in February Derivatives Series

Stock Market

Quarterly results affect the activities of stock futures in February. It is observed that based on quarterly results, the markets stay in the thick of earnings season. MCR found that here are 5 stocks those have been gaining momentum in the February derivatives series. A significant change in open interest is also observed in those stocks.

Let us know more about the high momentum stocks.

Indian Oil Corporation

Shares of Indian Oil Corporation hit a 52-week high. As the company plans to invest Rs 32,000 crore over next four years. Indian Oil Corporation shares gained over 6% and this was said to be the biggest intraday gain after the petrochemical company reported a 19.44% rise in the total income. In Odisha, Indian Oil has already executed petchem projects worth Rs 20,800 crore.

Dr. Reddy’s Laboratories

Dr. Reddy’s recovers on clarification of regulatory concerns. The stock of Dr. Reddy’s Laboratories was buzzing on the bourses after falling over 4 percent. The pharmaceutical majors’ net profit dropping by nearly 29 percent from a year ago levels in the December quarter spoiled sentiment for it.

Bharat Petroleum Corp

Third quarter net profit beat estimates as part of the rally in oil marketing companies after Indian Oil Corporations. Bharat Petroleum Corp also saw action on the long side. As per experts, the stock has been beaten down and is reversing from major support zone. The stock is expected to rise by 5-7 percent on short covering.

Reliance Communications

After the Anil Ambani-promoted company’s loss in December, quarter narrowed from the year-ago period, and the bias in Reliance Communications is on the positive side. Experts believe that the rise in the stock should be seen as a temporary bounce back and it could fall to Rs 24-25 in the near term.

Wockhardt

According to the research, Wockhardt stock futures are also among the stocks that have seen a maximum open interest surge in this series. It is found that the activity has been on the short side as Wockhardt reported a loss of Rs41 crore in the quarter ended December. Our experts expect the stock weakening by another 7-10 percent.

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