 "Derivatives strategy on UltraTech Cement by HDFC Securities")
Derivatives strategy on Ultra Tech Cement by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:
Buy Ultra Tech Cement July Future at Rs 3,924
Stop loss: Rs 3,840
Target: Rs 4,050
Rationale: We have seen Long positions being built in Ultra tech futures’ yesterday where We have seen sharp Rise in Open Interest with Price rise of 3%
Stock price has given breakout on the daily chart by closing above the resistance level of 3850 level with rise in Volumes
Also Read
Momentum Indicators and Oscillators like RSI and MACD are Indicating strength in the stock for the short to medium term
Cement as a sector is doing well since last couple of weeks
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
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