The option chain shows that the 1,600 PE of LUPIN May series has strong open interest of more than 1.3 lakh shares, indicating a robust base on the lower side.
In the F&O space, FIIs’ have suddenly changed their stance and shorted significantly in index futures as well as stock futures. FIIs’ net longs of nearly 33,000 contracts turned into net shorts of more than 1 lakh contracts
Axis Securities recommends accumulating Varroc Engineering in the Rs 540-530 range, with a target price of Rs 595, offering an upside potential of 11-15 percent.