Derivative Strategy on ICICI Bank by HDFC Securities

Derivative Strategy on Torrent Power by Devarsh Vakil & Nandish Shah - PCG Desk, HDFC Securities:

Buy ICICI BANK August Future at 290

Stop loss of Rs 284

Target of Rs 302

Rationale: We have seen accumulation of long positions in the ICICI Bank in the August series at lower levels where open interest has risen by around 10% till now. Current open interest in the ICICI bank stood higher than last six months average coupled with the recent strength in the stocks, indicating accumulation of positions from strong players. After making double bottom around Rs 285-286, stock bounced back to Rs 292 with rise in the volumes.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.