Derivative strategy on ACC by HDFC Securities

Derivative strategy on ACC by Nandish Shah, Assistant Vice President, PCG, HDFC Securities.

Buy ACC APRIL FUTURE @ 1682 

Stop loss of Rs 1,664 

Target Rs 1,715

Rationale:

• Long  build  up is seen in the ACC Futures’ yesterday where we have seen rise in Open Interest with price rising by 2.40%.
• Stock price has broken out on the daily chart by closing above the resistance level of 1665 with higher volumes.
• Stock  price  is  trading  above  its  5,  20 and 200 day SMA, Indicating stock is in uptrend for the short to medium term.
• Oscillators and Mometum Indicators like RSI and MACD have turned bullish on daily and weekly charts.