Derivative strategy on Tata Elxsi by HDFC Securities

Derivative Strategy on South Indian Bank by Devarsh Vakil & Nandish Shah - PCG Desk of HDFC securities:

Buy Tata Elxsi October 850 call at Rs 21
 

Stop loss of Rs 15

Target Rs 32

Lot size  800

Rationale: 

We have seen long positions being built in Tata Elxsi futures today where open interest is rising by over 10%

Stock price has made a double bottom around 800 levels and now is rising  with good volumes.

Midcap technology stocks have been showing traction since last few days.

It has crossed 5-day simple moving average today with rise in volumes.

Disclaimer: The analysts may have positions in any or all the stocks mentioned above.