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Derivatives strategy on LIC Housing Finance by HDFC Securities

Derivatives strategy on LIC Housing Finance on Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:

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Derivatives strategy on LIC Housing Finance on Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:

Buy LIC Housing Finance August Future at Rs 560
Target: Rs 575
Stop loss: Rs 552

Rationale: We have seen Long positions being built in LIC Housing Finance futures’  during  the August series till now where we have seen 8% Rise in Open Interest with Price rise of 6%

The stock price has given a breakout on the daily chart on Monday by closing above the resistances of 540 levels with higher volumes

The stock price is trading above its short term and long term moving averages Indicating bullish trend for the short and medium term

Momentum Indicators and Oscillators are 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.