 "Derivatives strategy by Nandish Shah of HDFC Sec: Buy Siemens Dec Futures")
Buy SIEMENS DECEMBER Future at Rs 1,531
Stop Loss: Rs 1,505
Target: Rs 1,575
Lot Size: 550.
Stop Loss: Rs 1,505
Target: Rs 1,575
Lot Size: 550.
Rationale:
- We have seen Long build up in the Siemens Futures where we have seen rise in Open Interest with price rising by 1.5 per cent.
- Stock price has broken out on the daily chart by closing above the resistance level of 1,520 with higher volumes
- Stock price is trading above its 5, 20 and 200 day SMA, indicating positive trend for all the time frames
- Stock price has formed multiple bottoms around 1,450 levels
- Momentum Indicators and Oscillators like RSI and MACD have turned bullish on the daily charts.
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Disclaimer: Nandish Shah is a Technical Analyst with HDFC securities. Views expressed are his own.
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