1. Spot Analysis: - HDFCBANK is currently near its one-year high and is trading with good volume. - The latest tick shows a price rise supported by strong volume. - The MACD (Moving Average Convergence Divergence) is trending up nicely, both in relation to the signal line and the zero line. - A new high has been created, indicating the possibility of a breakout. - The weekly candlestick pattern is Three White Soldiers, formed at a pretty high level, suggesting continued momentum.
2. Option Chain Data: - The HDFCBANK 1700 CE has a strike price of ₹1700. - The call option price is ₹53.7. - The open interest (OI) is 4,012,800 contracts. - The implied volatility (IV) is 21.87%. - The spot price is ₹1711.35. - The delta is 0.58, gamma is 0.76, rho is -1.01, theta is 1.91, and vega is -3.54. - There is a long build-up in this call option.
3. Conclusion: Based on the technical analysis and option chain data: - The bullish momentum, strong volume, and positive MACD suggest a favorable outlook for HDFCBANK. - The Three White Soldiers pattern adds to the bullish sentiment. - Considering the long build-up in the 1700 CE, one can consider going long on this option.
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