Derivative Strategy on Cummins for March expiry as stock nears fresh high
Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart
 "Derivative Strategy on Cummins for March expiry as stock nears fresh high")
Derivative Stock Strategy (Mar 2024 Expiry)
BUY Cummins India March 2900 CALL at Rs 50 | Stop loss: Rs 28 | Target: Rs 100
Rationale:
>> Stock price has broken out from the consolidation held for last four weeks.
>> Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
>> Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
>> Stock is on the verge of registering fresh all time high above 2,892.
>> Stock is placed above all important moving averages, indicating bullish trend on all time frames.
Also Read
>> Price rise is accompanied by rise in volumes and open interest.
>> Indicators and oscillators have been showing strength in the current uptrend.
Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Views are his own.
Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Views are his own.