Derivative Strategy pick by Devarsh Vakil & Nandish Shah of PCG Desk, HDFC securities:
Buy National Aluminium( Nalco) October 87.5 call at Rs 2.50
Stop loss of Rs 1.30
Target Rs 4.50
Lot size 8000 shares
Rationale:
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We have seen long positions being built in Nalco futures yesterday where Open interest rises by over 10%.
Stock price given breakout on the daily chart with huge volumes where it managed to close at six year high.
Momentum Indicators and oscillators are suggesting strength in the stocks.
In the option segment, 87.5 and 90 strike call options added over 90% and 78% shares in open interest respectively today, suggesting uptrend to continue.
Disclaimer: The analysts may have position in the stock mentioned above.
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