Cost of the strategy Rs 12 (Rs 6600 per strategy)
Maximum profit Rs 15400 If Larsen closes at or above 980 till 29 October expiry.
Breakeven Point Rs 952
Long build up is seen in the L&T Futures’ till now in the October series where we have seen 23% rise in the Open Interest with Nifty rising by 10%.
Stock Price broken down on the daily chart where it closed at highest level since 04 Sept
Short term trend of the stock has turned positive where it is trading above its 5 and 20-day EMA
RSI and MFI Oscillator is showing strength in the current uptrend
Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.