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Published on 9/07/2020 12:59:02 PM | Source: ICICI Direct

Derivatives Strategy - Buy Tata Steel Ltd For Target Rs. 361 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #Metals Sector #Tata Steel Ltd #Trading Report #ICICI Direct

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Derivatives Strategy 

* In the current leg of the Nifty rally, metal stock consolidated and did not participate much. However, a few metals stock started witnessing fresh long accumulation after their initial move

* Tata Steel, in particular, managed to move towards its June series high along with a rise in OI indicating fresh long accumulation

* Post the June series expiry, huge volume build-up was seen in Tata Steel near | 320 levels from where a new rally started in the stock

* As most of the business started picking up, we feel demand for base metals would pick up in domestic as well as international markets, which will be positive for the stock

* As the series progressed, closure was seen in ATM strike Calls while the OI moved to higher strike Calls. However, Put OI blocks were seen in 320 and 310 strikes, which would provide cushion to the stock on downside

Buy Tata Steel July future at Rs. 334-338 & Sell 350 Call at Rs. 10.5-11.5, Target: Rs. 361, Stop loss: Rs. 312, Time frame: Till July expiry

 

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