Derivative strategy on ICICI Pru by Nandish Shah, Senior Technical & Derivatives Analyst at HDFC Securities:
Buy ICICI PRU November Future at Rs 347
Stop loss: Rs 341
Target: Rs 360
We have seen the first sign of Short covering in the ICICI Prudential Futures’ yesterday where we have seen 5% fall in Open Interest with Price rising by 4%.
The stock price has given a breakout on the daily charts yesterday by closing above the resistance level of 342 levels with higher volumes.
The stock price is trading above its important short-term moving averages (5 and 20 day SMA) Indicating bullish trend for the short and medium term.
Momentum Indicators and Oscillators are also indicating strength in the stock for the short to medium term.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.