Astral shares are showing strong bullish momentum after rallying nearly 24% since February and hitting fresh 52 week highs. The stock has broken above the key 1600 resistance and is sustaining above the 20 day EMA. Analysts suggest a bull call spr...
By ET CONTRIBUTORS |
ETMarkets.com
Astral rallies 24% since February; bullish structure supports options strategy.
Astral is witnessing strong bullish momentum on the daily chart, reflecting a healthy uptrend as the stock continues to trade at new 52 week high levels. Since February, the stock has delivered an impressive rally of nearly 24%, highlighting strong buying participation and sustained demand.
Structurally, the stock is maintaining a consistent higher high and higher low formation, which reinforces the prevailing bullish trend. The price has also decisively crossed the 1700 mark after breaking the key resistance around 1600, which has now turned into a strong support zone. The stock continues to hold above its 20 day EMA, further strengthening the bullish outlook. Immediate resistance is placed around 1867, while key support is seen near 1666 levels.
Bull Call Spread (Bullish Strategy)
Buy ASTRAL 30th Mar 26, 1740 CE 1 lot @ 22.4
Sell ASTRAL 30th Mar 26, 1780 CE 2 lots @ 13.75
Buy ASTRAL 30th Mar 26, 1800 CE 1 lot @ 11
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Max loss: 2508 below 1740 (on expiry)
Max profit: 14,492 at 1780 (on expiry)
Max profit: 5992 above 1800 (on expiry)
Margin required: 51,735
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Breakeven: 1746
Duration (till expiry)
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(Aakash Shah is Research Analyst at Choice Broking.)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
(Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of www.economictimes.com.)
