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Option strategy on Tech Mahindra by HDFC Securities

Derivative Strategy by Devarsh Vakil & Nandish Shah - PCG Desk of HDFC securities

Devarsh Vakil & Nandish Shah  |  Mumbai 

Tech Mahindra accepts senior workers' pay cut offer

Derivative Strategy by Devarsh Vakil & Nandish Shah - PCG Desk of HDFC securities:

Buy Tech Mahindra Sept Future at Rs 462

Stop loss: Rs 455
Target: Rs 475

Rationale:

  • We have seen long positions being built in futures today where their open interest rising by 7% with price rise of 3%.
  • It has given breakout on the daily chart by closing above the crucial resistance level of 450 with higher volumes.
  • Price has also broken out from the long term downward sloping trendline, adjoining the high of 02-August-2015 and 23-Feb-2017.
  • Momentum Indicators and oscillators are Indicating strength in the stocks

First Published: Fri, September 22 2017. 08:15 IST
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