Buy TATA CONSUMER (29-Sept Expiry) 850 CALL at Rs 27 & simultaneously sell 870 CALL at Rs 19
Lot Size: 900
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- We have seen long build up in the Tata comm futures, where we have seen 12 per cent addition (Prov) in Open Interest with price rising by 4 per cent.
- The stock price has broken out on the daily chart with higher volumes, where it closed at the highest level since November 2021.
- Momentum Oscillators like RSI (11) and MFI (10) are in rising mode and are placed above 60 on the daily weekly chart, indicating strength in the current uptrend.
- Plus DI is trading above minus DI and ADX line has started rising upwards, indicating that the stock price is likely to gather momentum in the current uptrend.
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Disclaimer: Nandish Shah is Senior Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.
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