There is a hanging man candle formed on larsen and tourbo weekly chart(although it was due to flash crash that happened in nifty today),the weekly RSI(69) and daily RSI(76) are suggesting it is highly overbought so we can expect some correction, trade that one can form is by short selling october 1700 strike call @ 27 and buy back around 16.
LARSEN & TOURBO OCTOBER 1700 STRIKE CALL made a low of 12 and closed @12. Target achieved..:)
ReplyDeletePROFIT FROM SHORT CALL:27-16=11
ReplyDelete1 LOT OF LARSEN AND TOURBO: 250
MARGIN REQUIRED FOR LARSEN AND TOURBO: 64248
PROFIT PER LOT:250*11=2750
PROFIT%:2750/64248*100=4.28%