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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
Rationale:
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
