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* On an option front, for Put side the Max OI comes at 700 which shows a strong support for the time being in the stock.
* On an option front, we are seeing Short Covering “At the Money” CE strike price while Short Built up position in “Out of the Money” PE strike price, this type of structure suggests a good opportunity to make long position in the counter.
* Moreover, the stock has formed “Bullish Engulfing Candlestick” which is a bullish reversal pattern which suggests an upside movement in the counter.
* Based on the above technical structure, we expect a bullish move in IBULHSGFIN 700CE.
Buy Indiabulls Housing Finance Ltd @ Option Run Neeti SL 36 TGT 67 CMP 45.50
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