 "Derivative strategy on ONGC by HDFC Securities")
Buy ONGC APRIL 160 CALL at 2.30
Stop loss of Rs 1.40
Target Rs 4
Stop loss of Rs 1.40
Target Rs 4
Rationale:
- Long build up is seen in the ONGC Futures’ in April series till now, where we have seen 7% rise in Open Interest with price rising by 3%
- Stock price has broken out on the weekly chart by closing above the resistance level of 160
- Stock price is trading above its 5, 20 and 200 day SMA, Indicating stock is in uptrend for the short to medium term
- Oscillators and Mometum Indicators like RSI and MACD have turned bullish on weekly charts
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