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market | IST

Momentumisers: Key factors behind Can Fin Homes’ surge

Can Fin Homes' stock did well in yesterday's, September 6, trading session. The technical levels are quite interesting because, both the 20-day moving average (DMA) and the 50-day moving average are very close to each other.

Can Fin Homes' stock did well in yesterday's, September 6, trading session. In the last few days as well, it has done pretty well. The technical levels are quite interesting because, both the 20-day moving average (DMA) and the 50-day moving average are very close to each other. In fact, yesterday, there was an overlapping of each other, which is a bit of a bullish sign. Also, the 200-DMA comes in at around Rs 520 approximately and that range is very important in terms of support, though it's far away from current levels.
In the futures market, the stock moved up and the open interest was up around 15 percent approximately, which suggests that there was some long build-up and there appears a bit of a punt going on because of the Rs 650 call, which is not very active otherwise, yesterday around 5 lakh shares were added there; the premium is only around Rs 10. So, there could be some speculative action, but that’s quite interesting; a strike that's normally not very active, yesterday it was very active.
In terms of the traded data, neither the delivery volumes nor the delivery quantity or the traded volumes stood out. But the management had joined CNBC-TV18 a couple of weeks ago and said that things are looking good, the housing finance sector is in a sweet spot and had also mentioned that the next few quarters will be very good for Can Fin Homes.
Watch the accompanying video of CNBC-TV18’s Nigel Dsouza for more details.