 "Here is a Bull Spread Strategy on ICICI Bank by HDFC Securities")
Bull spread Strategy on ICICI BANK
Buy ICICI BANK APRIL 580 CALL at Rs 14.6 & simultaneously sell 600 CALL at Rs 7.6
Lot Size: 1,375
Cost of the strategy: Rs 7 (Rs 9625 per strategy)
Maximum profit: Rs 17,875 if ICICI BANK closes at or above 600 on 29 April expiry.
Breakeven Point: Rs 587
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Rationale:
Long build up is seen in the ICICI Bank Futures’ where we have seen 6 per cent (Prov) rise in the Open Interest with price rising by 2 per cent
The stock price has given bullish breakout from the downward slopping trendline adjoining the highs of 12-March-2021 and 01-Apr-2021
The short-term trend of the stock is positive as stock price is trading above its 5 and 10-day EMA
Oscillators like RSI and MFI showing strength in the stock
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Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.
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Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.
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