 "Derivatives strategy by HDFC Securities: Buy Tata Chemicals Jan Futures")
Buy TATA CHEM JANUARY Future at Rs 679.50
Stop Loss Rs 670
Target Rs 700
Lot Size 900
Rationale:
- We have seen Long build up in the Tata Chem Futures’ yesterday where we have seen a rise in Open Interest with the price rising by 1.6 per cent.
- Stock price has broken out from the downward slopping trendline, adjoining the high of 26-Dec 2019 and 03 Jan 2020 on the daily chart.
- Primary trend of the stock is positive where Stock price is trading above its 20, 50 and 200 day Simple moving averages.
- Momentum Indicators and Oscillators like RSI and MACD have turned bullish on the daily charts.
Disclaimer: Author is a Technical & Derivative Analyst at HDFC securities. Views expressed are his own.
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