The stock of Sun TV Network (₹825.25) posted a gain last week, particularly due to the rally on Friday. While the stock saw a decline in August, it has largely been oscillating in a range so far this month.

Notably, the price is now above both the 20- and 50-day moving averages, and the scrip has been forming higher lows since mid-August. Thus, the price action shows a bullish bias and consequently, the stock could soon see a breakout of the resistance at ₹830.

A breakout of ₹830 can lift the price quickly to ₹900. But if the price slips below ₹785, the stock could extend the downswing to ₹770, a support. Subsequent support is at ₹715.

Since the chart shows positive signs, traders can consider long on Sun TV futures or buy call options, depending on the risk appetite and tolerance.

Futures: Buy Sun TV September futures (₹821) when its price drops a little to ₹810. Place stop-loss at ₹778. When the price rises to ₹850, alter the stop-loss to ₹820. Tighten the stop-loss further to ₹850 when the contract hits ₹880. Book profits at ₹900.

Options: Instead of futures, one can consider buying September expiry 820-call option (₹19.90). Buy when the premium dips to ₹16 and place a stop-loss at ₹7. When the contract price reaches ₹30, revise the stop-loss to ₹18. Exit the position at ₹50.

Note: The recommendations are based on technical analysis and F&O positions. There is a risk of loss in trading

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