* TVS Motors moved to 1 year high and traded above 500 levels. However, as profit booking triggered in broader indices, it retraced from higher levels and gave re-entry opportunity.
* Most of the Auto stocks saw decent performance from lower levels but TVS motors largely consolidated and moved higher with lower volatility.
* The stock managed to find support near its highest Put base of 500. As the stock reverted, closure was seen in ATM and OTM strike Calls and now major OI concentration is placed at 540 & 550 strike indicating further upsides.
* The IV-spread of TVS Motors-Nifty also reverted from Mean – 2 sigma levels. We feel the IV-spread would move higher on the back of closure in Call writing position which would give more steam to the stock. We believe TVS Motors is likely to perform well among the Auto pack.
Buy TVS Motors Ltd @ 503-507 TGT 538 SL 485
To Read Complete Report & Disclaimer Click Here
For More ICICI Direct Disclaimer http://icicidirect.com/disclaimer.html
SEBI Registration number is INZ000183631
Above views are of the author and not of the website kindly read disclaimer