Business Standard

4 reasons why HDFC Securities recommend buying Manappuram Finance futures

Derivative strategy for Manappuram Finance by Nandish Shah, Assistant Vice President, PCG, HDFC Securities.

Trading Strategy
Web Exclusive Premium

Nandish Shah Mumbai
Buy Manappuram Finance June 140 Call @ Rs 4.5

Stop loss: Rs 3

Target: Rs 8

Rationale:
  • Long build up was seen in the Manappuram Finance Futures’ yesterday, where we have seen rise in Open Interest with price rising by 4 per cent.
  • After witnessing healthy correction during the first three days of the week, the stock resumed its uptrend again with rise in volumes.
  • The stock is trading above its 5, 20 and 200-day simple moving average (SMA) indicating it is in uptrend for all the time frames.
  • Oscillators and momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD) are showing strength

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: May 31 2019 | 6:31 AM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com