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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.
