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Derivative strategy on Engineers India by HDFC Securities

Devarsh Vakil & Nandish Shah/Mumbai 21 Jul 17 | 08:14 AM

ENGINEERS INDIA (164.70)

Option Strategy: Bull call spread (Time frame 4-5 trading sessions)

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Buy 1 lot Engineers India 165 CE 27 July 2017 @ 3.90

Sell 1 lot Engineers India 175 CE 27 July 2017 @ 0.90

Rationale:

1.      Long Build up is seen in the Engineers India today where OI Rose by 11% with 4.5% price rise.

2.      Among the options, 170 and 175 calls added significant open interest indicating possibility of more upside from here.

3.      It has given breakout on the daily chart with sharp rise in volume where it managed to close at two month high

Max Loss Rs 10500 If Engineers India closes below 165 on July expiry

Max profit Rs 24500 If it closes at or above 175 on the Expiry day

Break Even point: 168

Disclaimer: The authors may have position in the stock

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