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Derivative Ideas

HDFCBANK gained 2.33% and closed at 1392.5 on 22 July. The stock after taking the support at 1340 levels has shown a good up move after that. Trading above its 20 and 50 Day EMA, now the stock has given a breakout of inverted H&S pattern on hourly charts on the back of addition of Fresh Longs in its FUTS. We expect 1420 levels in the stock in the short term and thus suggest buying CE as per the recommended levels.

Strategy:- BUY HDFCBANK 1380 CE@16-18, STOP LOSS : 6, TARGET : 35

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