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Bull Spread Strategy on Granules India
Buy Granules (29-Sept Expiry) 320 Call at Rs 11 & simultaneously sell 340 CALL at Rs 4
Lot Size 2,000
Cost of the strategy Rs 7 (Rs 14,000 per strategy)
Maximum profit Rs 26,000, if Granules closes at or above Rs 340 on 29-Sept expiry.
Breakeven Point Rs 327
Approx margin required Rs 36,000
We have seen long build up in the Granules futures, where we have seen 10 per cent addition (Prov) in Open Interest with price rising by 4 per cent.
Stock price has broken out on the daily chart with higher volumes.
Momentum Oscillators like RSI (11) and MFI (10) is in rising mode and placed above 60 on the daily chart, Indicating strength in the current uptrend.
- Plus DI is trading above minus DI and ADX line is placed above 60 and started rising upwards, Indicating stock price is likely to gather momentum in the coming days.
Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.
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First Published: Fri, September 16 2022. 07:52 IST