ITC, a diversified multi-business conglomerate, led the rally in consumer stocks on Monday after the government last week finalized rates for the upcoming goods and services tax (GST).
The NSE FMCG index surged 3.6 percent to a record high on May 22. Meanwhile, ITC rallied nearly 5.9 percent to an all-time high.
Heckyl 15-minutes built-up screen showed a series of long built ups for ITC, signaling a bullish bias for the day.
15-minutes built-up screen monitors open interest (OI), price and volume every 15-minutes to identify the short or long positions. In a day, there are 25 intervals of 15 minutes between 9:15 am to 3:30 pm.
On Monday, ITC has recorded 15 long built ups. Long interest in ITC helped the stock to maintain the upward momentum throughout day’s trade.
A trader could have created a long position in the stock futures at Rs. 298 around 11:15 am after noticing bullish sentiment for the stock since early morning. Subsequently, he could have covered the long position towards closing at around Rs. 303.
By executing the trade, a trader could have made a profit of Rs. 5 per unit, or Rs. 12,000 on one lot of 2,400 units of underlying stock.
Heckyl 15-Minutes Built-up is a powerful screen for day traders. This screen not only helps in finding trading opportunities but also helps in deciding when to cover the position.
To know more about Heckyl’s F&O Analytics, email us at email@example.com