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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
