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Derivative strategy on Jain Irrigation by HDFC Securities

Devarsh Vakil & Nandish Shah/New Delhi 03 Nov 17 | 08:37 AM

Derivative strategy on Jain Irrigation by Devarsh Vakil & Nandish Shah - PCG Desk, HDFC Securities

Buy Jain Irrigation November 110 call at Rs 4.70

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Stop loss: Rs 3

Target: Rs 8

Rationale:

We have seen long positions being built in Jain Irrigation futures today where their open interest rising by over 5%.

Stock price has given breakout on the daily chart by closing above the downward sloping trendline resistane of 105 level.

In the option segment, 110 call added over 4 lakh shares (25% rise in open interest) and 115 call added over 2 lakh shares(16% rise in open interest), suggesting higher possibility of sharp price from here.

Momentum Indicators and oscillators are Indicating strength in the stocks

Disclaimer: The analysts may have position in the stock mentioned above.

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