 "Derivatives strategy on Tata Steel by HDFC Securities")
Derivatives strategy on Tata Steel by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:
Buy Tata Steel September 620 CALL @ Rs 18.8
Stop loss of Rs 14
Target Rs 28
Rationale: We have seen Long positions being rolled over to the September series in Tata Steel with Open Interest rising by 5% with Price moving up by 2%.
We have seen healthy rollover of 94% as against last three series average rollover of 76%
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The stock price is trading above its important short-term moving averages Indicating a bullish trend for the short term
Momentum Indicators and Oscillators like RSI and MACD are also Indicating strength in the stock for the short to medium term.
Disclaimer: The analyst may have a position in the stock mentioned above.
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