ICICI Bank & M_M See Significant Open Interest Growth

Sep 23

ICICI Bank

• The current stock price is navigating through an ascending parallel channel, demonstrating a strong upward trend characterized by a series of higher highs and higher lows.
  
• Recently, the price has successfully breached the upper boundary of the parallel channel and is attempting to maintain its position above this breakout level.
  
• A significant rise in future open interest—approximately 27%—has been observed for this stock.
  
• This increase in both the stock price and future open interest suggests that major investors are optimistic regarding this stock.
  
• As long as the price stays above the 1300 level, the overall sentiment is expected to remain positive.
  

Mahindra & Mahindra

• The stock is experiencing a robust upward trend, consistently achieving higher highs and higher lows.
  
• During this upward movement, the price has formed a bullish Pole & Flag pattern.
  
• Recently, following a notable breakout accompanied by substantial trading volume, the stock has reached its all-time high.
  
• Additionally, there has been a significant increase in future open interest, which has risen by nearly 16%.
  
• This growth in both the stock price and future open interest indicates that major investors are confident about this stock.