Derivative strategy on Jain Irrigation by HDFC Securities

Derivative strategy on Jain Irrigation by Devarsh Vakil & Vinay Rajani - PCG desk, HDFC Securities:
 
Buy JAIN IRRIGATION December 120 call at Rs 6
Stop loss: Rs 4
Target:  Rs 11
 
Rationale:
 
We have seen long positions being built in JAIN IRIGATION futures today where we have seen open interest addition with price rise along with sharp rise in volumes.
 
Stock price has given breakout on the daily and weekly chart with rise in volumes where stock price has managed to close at four year high.
 
Momentum Indicators and oscillators are Indicating strength