As benchmark indexes hit new all-time highs on Friday – the second trading day of 2026 – the broader market is abuzz with stock-specific action. When the December series expired last week, traders postponed some bullish bets of some stock futures contracts to the January series, while reducing their bearish positions on some. A look at some of the action that’s about to take center stage.
A Minda
Change in open interest: 12.41% Change in price: 2.48%
Reasoning: After breaking out of the congestion zone in August 2025, the stock traded in a triangle shape. “It recorded a fresh breakout of the said triangle formation on Friday with a notable increase in volumes, and the same is well supported by over 12% long additions,” said Vipin Kumar, assistant vice president – derivatives and technical research at Globe Capital Market. Kumar said the stock could move towards Rs 1,450 in the near term as long as it sustains above the spot level of Rs 1,260. He recommends buying January futures in the range of Rs 1,300-1,320.
Tata Energy Company
Change in open interest: -0.84% Change in price: 2.74%
Reasoning: Akshay Bhagwat, Senior Vice President – Derivatives Research at JM Financial Services, suggests traders to buy Tata Power January futures at Rs 390-395, with a target of Rs 425-437 and a stop loss at Rs 377.
“Stock prices have been confined within a range of Rs 375 to 410 for the last eight months. Prices have surged on the back of volumes and open interest support from the base of Rs 373 with a positive breakout at Rs 384 level,” he said. Bhagwat said the technical setup hints at a revisit and possible breakout above the Rs 410 level.
Drinks Varun
Change in open interest: 0.53% Price variation: 1.9%
Reasoning: The stock hit a new 52-week high on Friday and is seeing an increase in open interest as well as rising prices, indicating bullish momentum. “The transition from the previous unwind to a new addition of long calls, coupled with historically high refinancing strength of the stock from December, suggests that the current price freeze is just a consolidation ahead of the next price rally,” said Rajesh Palviya, head of technical research and derivatives at Axis Securities. He suggests buying the stock at the current price of Rs 493, with a target of Rs 530-540, and placing a stop loss at Rs 470.
HDFC Life Insurance
Change in open interest: 0.47% Change in price: 0.46%
Reasoning: An increase in price along with open interest in the stock indicates bullish accumulation. “Prices have cemented a base of Rs 730, over the last 6 months of price action. Positive price action with an increase in volume to Rs 740 last week portends renewed momentum for a revisit of Rs 790+ levels,” Bhagwat said. He suggests traders to buy its January futures at Rs 753-758 with a target of Rs 790-815 and stop loss at Rs 737.
CHOLAFIN
Open interest change: -2.80% Price change: 2.93%
Reasoning: Kumar suggests traders to buy his January futures in the range Rs 1,765-1,740 for a target of Rs 1,885-1,925 with a stop loss at Rs 1,680. The stock hit a new 52-week high on Friday.
“Stocks saw a bullish breakout from the congestion zone of the last three months, which was well supported by short covering of open interest,” Kumar said.
Larsen and Toubro
Open interest change: -0.7% Price change: 2.7%
Reasoning: The stock saw a short-covering rally during Friday’s session, driving it to a 52-week high. “While buying activity remained largely unchanged, the significant increase in selling intensity shows that market participants are actively underwriting the downside risk, thereby creating a cushion of support for further upside potential,” Palviya said. “The combination of rising prices, declining open interest, and an expanding base suggests that aggressive short sellers are being driven out, while higher conviction holders maintain their positions.” Palviya said traders can buy it at the current price of Rs 4,163, for a target of Rs 4,300 to Rs 4,320, with a stop loss at Rs 4,080-4,070.
JSW Energy
Change in open interest: -3.64% Change in price: 1.47%
Reasoning: An increase in prices as well as a decrease in open positions in JSW Energy shares indicate short covering of positions. “Stock prices have been confined within a range of Rs 450-550 for the last 11 months. An inverted head and shoulders bullish pattern formation at the base of Rs 450 sets the stock up for a revisit to Rs 550+ levels,” Bhagwat said. He suggests traders to buy JSW Energy January futures at Rs 513-508 for a target of Rs 550-567 and stop loss at Rs 479.
