Go long on CG Power

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.