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The outlook for CG Power and Industrial Solutions (₹77.3) remains bullish. It seems the stock is all set to breach its previous high of ₹88.6, registered last August. If the current trend sustains, the stock could reach ₹105 levels.
While immediate support appears at ₹69, a close below ₹60 will alter the bullish outlook.
F&O pointers: Both March and April futures added open interest positions on CG Power. This indicates a bullish outlook in the near term.
CG Power and Industrial witnessed a healthy rollover of 13 per cent to April series. Options are not that active. Cues suggest that the stock can go up to ₹85.
Strategy: Investors with a long-term view and risk taking ability can consider going long on CG Power futures.
While stop loss can be placed at ₹69, it can be shifted to ₹78, on a conclusive close above ₹80.50.
The positions can be rolled over for an initial target of ₹88 (for conservative investors) and ₹105 for risky investors.
Conservative traders may consider buying ₹77.5-April call that closed with a premium of ₹1.25.
Market lot is 12,000. Since the expiry is round the corner, traders should exit the position with a profit or a loss of ₹7,500.
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