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.
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.
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