When the stock prices move up and open interest on the counter also moves upward, it is taken as a sign of a long buildup. The signal is considered more reliable if the volume on the counter has also seen an increase.
Coming to the buildup of fresh short positions, when the stock prices move downward and open interest on the counter increases, it is taken as a sign of a short build-up.
Based on the OI percentage, 132 stocks were on the short-covering list that included Hindustan Copper, Voltas, Bharti Airtel, Muthoot Finance, and Eicher Motors.
HDFC Mid-Cap Opportunities Fund's transactions in 20 stocks during January-March quarter included buying shares in Ipca Laboratories, Max Financial Services, and Adani Group owned ACC. It also added shares in Timken India, Mahindra & Mahindra Financial Services, and Fortis Healthcare Ltd.
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Based on the OI percentage, a total of 66 stocks were on the short-covering list which included Voltas, L&T Technology Services, Dr Lal PathLabs, Bata India, and Hindustan Copper.