Nandish Shah recommends bull spread on Amara Raja for January series – World Affairs SRS

Nandish Shah recommends bull spread on Amara Raja for January series

– World Affairs SRS

web exclusive

According to Nandish Shah of HDFC Securities, the stock has broken out on the daily chart with high volume to close at the highest level since December 10.

Subject
stock call | Amara Raja Batteries | HDFC Securities

Nandish Shah |
Mumbai

Bull Spread Strategy on Amara Raja Batteries

Buy AMARAJA BATTERIES Jan 650 Call at Rs.14 as well as Sell 670 Call at Rs.7

lot size 1000

Strategy cost Rs 7 (Rs 7,000 per strategy)

Maximum profit of Rs 13,000 if Amaraza’s battery is closed at 670 or more at the end of January 27.

break even point Rs 657

Argument:

  • So far during the January series, we have seen the first signs of a long build up in Amarza Battery futures, where we have seen a 2 per cent increase in open interest and a 4 per cent increase in price.
  • Stock price has broken out on the daily chart with high volume to close at the highest level since December 10
  • The short term trend is bullish as the stock price is above the all-important short-term moving average.
  • The RSI oscillators are placed at 60 and are trending upwards, indicating strength in the current uptrend.

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Disclaimer: Nandish Shah is a Senior Derivatives and Technical Analyst at HDFC Securities. He does not hold any position in the shares.

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