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Derivative strategy for Bajaj Finance by HDFC Securities

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

Nandish Shah  |  Mumbai 

algo trading

Buy Futures at Rs 3,150

Stop loss of Rs 3,110

Target Rs 3,220

Rationale:

  • Long build-up is seen in the Futures, where we have seen 1.50 per cent rise in open interest with price moving up by 1.10 per cent;
  • It has given breakout on the daily chart by surpassing the resistance of Rs 3,114 level to close at all-time high;
  • Stock is trading above its 5,20,200 day SMA (simple moving average), indicating it is in uptrend.
  • Oscillators and Mometum Indicators like RSI and MACD indicate strength in the stock.

First Published: Fri, May 03 2019. 06:47 IST
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