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Derivative strategy from HDFC Securities: Buy Grasim June Future

Views on derivative call by Nandish Shah, Senior Technical & Derivative Analyst, HDFC securities.

Nandish Shah  |  Mumbai 

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Buy GRASIM June Future @ Rs 904

Target: Rs 940

Stop loss: Rs 890

Rationale:

  • Long build up was witnessed in the Grasim Futures on Thursday, where we saw sharp rise in open interest (OI) with price rising by 2 per cent.
  • The stock gave bullish breakout from the upward slopping trendline, adjoining high of May 27 and June 13, 2019.
  • It has formed multiple bottoms around 200-day SMA (simple moving average) during the current June series.
  • Oscillators and Momentum Indicators like relative strength index (RSI) and moving average convergence divergence (MACD) are showing strength on the weekly charts.

First Published: Fri, June 21 2019. 06:32 IST
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