 "Here's a derivative strategy from HDFC Securities for Tech Mahindra")
Buy Tech Mahindra September Future @ Rs 691 | Stop loss of Rs 680 | Target Rs 710
Rationale:
-- We have seen long build up in the Tech Mahindra Sept futures’, where we have seen sharp rise in Open Interest with price rising by 0.2 per cent.
-- Stock price has already broken out on the daily chart by closing above the resistance level of 680 level last week.
-- Stock price has already broken out on the daily chart by closing above the resistance level of 680 level last week.
-- Oscillators and Momentum Indicators like RSI and MACD showing strength in the stock on the daily and weekly charts.
-- Stock price is trading above its 5 and 20 day SMA, Indicating the stock is in uptrend for short-to-medium term.
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