TATA ELXSI - Upward channel breakout.

Tata Elxsi
CMP 1041
Bias - Long bias.

Rationale:
Upward channel breakout.

Strategy:
Short term strategy - Buy at CMP for a target of 1160 to 1200 and a stop of 975.
Highest addition of OI seen in 1200 call followed by 1160 call; hence 1160 should act as a mild resistance and 1200 should act as a strong resistance. So strategy should be having a trailing stop as the price moves higher inorder to get the max benefit above 1160.
All levels are based on spot prices. Any position in futures and / or call should be linked to the indicated spot levels.

Long term strategy - Buy 50% at CMP and 50% if it breaches the resistane convicingly with voumes above 1200. Above 1200, stock has the potential to reach 1500.
Stop for both short and long term strategy should be at 975.