 "Derivative strategy on Dr Reddy's by HDFC Securities")
Derivative strategy on Dr Reddy's Lab by Nandish Shah, Assistant Vice President, PCG, HDFC Securities.
Buy Dr. Reddy's January Future at Rs 2669
Stop loss: Rs 2,640
Target: Rs 2,720
Rationale:
-- We have seen Long build up in Dr Reddy Futures’ where we have seen 4% Rise in Open Interest with the price rise of 1%.
Also Read
-- The long build-up is seen during the January series till now also where we have seen over 10% rise in Open Interest with Dr Reddy rising by 3%
-- The stock price has given a breakout on the daily chart by closing above 2660 level.
-- The stock price is trading above its 5, 20 and 200 day SMA, Indicating bullish trend for the short to medium term.
-- Momentum Indicators and Oscillators like RSI and MACD turned positive on the weekly charts.
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