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Published on 1/08/2020 1:34:45 PM | Source: ICICI Direct

Derivatives Strategy - Buy Kotak Mahindra Bank For Target Rs. 1485 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Kotak Mahindra Bank Ltd #Banking Sector #Trading Report #ICICI Direct

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Derivatives Strategy - Buy Kotak Mahindra Bank For Target Rs.  1485 - ICICI Direct

Derivatives Strategy – Covered Call

* The Bank Nifty relatively underperformed the Nifty as it managed to move and close above 11000. However, the Bank Nifty is struggling below its highest Call base of 23000

* From the bottom, most private banks saw a sharp reversal, which also pulled the Bank Nifty higher. However, Kotak Mahindra Bank consolidated initially in a tight range and finally took off the higher band post its quarterly numbers

* Fresh long positions have been formed in Kotak Bank August futures in the last three sessions. August future has added nearly 8000 new contracts

* The IV-spread of Kotak Bank/Nifty remained near its mean levels as there was no major additions seen in OTM Calls as the stock consolidated. However, for the August series, closure is seen in 1400 Call while positions are moving higher, which will pull the stock higher. Positions have moved till | 1500 levels for August, which should be seen as a target for the coming month

 

Buy Kotak Bank August future at Rs. 1362-1372 & Sell 1440 Call at Rs. 42-48, Target: Rs. 1485, Stop loss: Rs. 1265, Time frame: Till August expiry

 

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