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Published on 9/07/2020 1:07:39 PM | Source: ICICI Direct

Derivatives Strategy – Positional Option Buy LIC Housing Finance Ltd For Target Rs. 27 - ICICI Direct

Posted in Broking Firm Views - Short Term Report| #LIC Housing Finance Ltd #Trading Report #ICICI Direct

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Derivatives Strategy – Positional Option

* LIC Housing Finance is coming out from an oversold territory and may witness short covering in the coming days

* Fresh long positions are getting added in the stock, which can push the stock higher. Also, the highly sold 290 Call strike can witness closure, which would also be supportive for a stock up move

* The OI in the stock has recently increased from 75 lakh shares to 89 lakh shares, indicating fresh long formation, which can lead to good upsides

* There was good volume pick-up on June 16, which had taken the stock to | 295. Thereafter, it just consolidated below these levels. With the recent OI formation, it seems these levels may be taken out

* In addition, again volumes have started picking up, which are the highest since July. This gives an indication of continuance of June series move

Buy LIC Housing Finance July 300 Call at Rs. 11.5-13.5, Target: Rs. 27, Stop loss: Rs. 4.8, Time frame: Till July expiry

 

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