Derivative Strategy for Asian Paints by HDFC Securities

Derivative Strategy for Asian Paints by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:

Buy Asian Paints 
March Future at Rs 1,161
Stop loss of Rs 1,145
Target Rs 1,190

Rationale:

We have seen long positions being built in Asian Paint futures today where we have seen open interest addition of 10% with price rise of 2%.
 

Stock price has given breakout on the daily chart where It closes above 200 dma first time Since 23- January 2018.

Multiple bottom around 1090 levels during last few months

Momentum Indicators and oscillators are Indicating strength in the stock.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above