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Derivatives strategy by HDFC Securities: Buy Infosys' January Futures

Buy INFY JANUARY 780 Call at Rs 11

Stop Loss: Rs 4

Target: Rs 25

Lot Size:  1,200

Rationale:

-- We have seen Long build up in the Infy Futures’ yesterday where we have seen rise in Open Interest with price rising by 1.8 per cent.

-- Stock price has broken out from the last eight day's consolidation by closing above the resistance level of 778 with higher volumes

 
-- Stock price has also broken out from the downward slopping trendline, adjoining the high of 06-Sept and 13-January 2020
Stock Price has closed at three month high.

 
-- Oscillator and momentum Indicators like RSI and MACD have been showing strength on the daily and weekly charts


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