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F&O cues: Analyst suggests Bear Spread for ICICI General Insurance stock
Nandish Shah Mumbai
Derivative Strategy
BEAR SPREAD Strategy on ICICI Lombard General Insurance Buy ICICIGI (31-July Expiry) 1,900 PUT at ₹18.6 & simultaneously sell 1,880 PUT at ₹11.4
Lot Size: 325
Cost of the strategy: ₹7.2 (₹2,340 per strategy)
Maximum profit ₹4,160 If ICICI General Insurance closes at or below 1880 on 31 July expiry.
Breakeven Point: ₹1,892.8
Risk Reward Ratio: 1:1.78
Approx margin required: ₹22,000
Rationale:
>> We have seen a short build-up in stock. This is indicated by an increase in Open Interest (OI) of 3 per cent, with a 2 per cent decline in the price.
>> Short term trend is weak as it is placed below its 5, 11 and 20 day EMA
>> Stock price has broken down on the daily chart with higher volumes.
>> Momentum Indicators and Oscillators are showing weakness in stock.
Note : It is advisable to book profit in the strategy when ROI exceeds 20 per cent.
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