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UPL Analysis based on OI for Intraday and Swing Trading

UPL Analysis
UPL 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 analysed JSW steel that have met its target.


UPL Option Front :
UPL has given closing at 300 on 20th March 2020. Highest call open interest is at 400 strike price and highest Open interest at put side is at 300 strike. Some unwinding at call has side seen at 340.


Trading Range Of UPL
Now time to find out the trading range of the UPL. For this purpose, we need to look for the highest call OI Row and Highest Put OI Row on the option chain of the UPL. Trading range seems to be 260 to 340.
1. Highest Call at 400. 
2. Highest Put at 300. 
1. Pivot Strike at 300.

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

Trend Cycles

UPL trend Cycles

Conclusion:
UPL is near at very important support that is 300. If it sustains below 300 then some move towards 260 can be seen. And if able protect the support at 300 we can see some move towards 340 and 400. 

This may take 6 to 7 trading days to happen. Trend Cycles of UPL is in the weak side however last day some fresh long has happened if it continues then we may seem good upside. For the upside, UPL needs to be protected 300. So make or break level for UPL is 300.

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.



UPL Analysis based on OI for Intraday and Swing Trading Reviewed by Kumar Chandan on March 21, 2020 Rating: 5

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