Lot size: 500
Cost of the strategy: Rs 33 (Rs 16,500 per strategy)
Maximum profit: Rs 33,500 If Deepak Nitrite closes at or above 2,000 on July 29 expiry
Breakeven Point: Rs 1,933
Rationale:
-- We have seen long build up in the Deepak Nitrite Futures where we have seen 4 per cent (Prov) rise in the Open Interest with Deepak Nitrite rising by 4 per cent
-- The stock price has broken out on the daily chart where it has closed at highest levels since May 06, 2021 with higher volumes
-- Plus DI is trading above Minus DI while ADX line is rising, Indicating that the stock is likely to gather momentum in the coming days