 "Option strategy on Tech Mahindra by HDFC Securities")
Derivative Strategy by Devarsh Vakil & Nandish Shah - PCG Desk of HDFC securities:
Buy Tech Mahindra Sept Future at Rs 462
Stop loss: Rs 455
Target: Rs 475
Rationale:
- We have seen long positions being built in Tech Mahindra futures today where their open interest rising by 7% with price rise of 3%.
- It has given breakout on the daily chart by closing above the crucial resistance level of 450 with higher volumes.
- Price has also broken out from the long term downward sloping trendline, adjoining the high of 02-August-2015 and 23-Feb-2017.
- Momentum Indicators and oscillators are Indicating strength in the stocks
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