Buy Cummins 470 CALL at Rs 14.50
Stop Loss: Rs 11
Target: Rs 20
Lot Size: 1,200.
-- Long build-up is seen in the Cummins Futures’ where we have seen 8 per cent (Prov) rise in the Open Interest with Price moving up by 2 per cent.
-- Stock price has broken out on the daily chart with higher volumes where it closed at highest level since September 2
-- Short-term trend of the stock is positive where stock price is trading above its 5- and 20-day Simple Moving averages
-- Oscillators like RSI is showing strength in the stock
-- +DI is trading above Minus DI while ADX is placed above 25, indicating momentum in the uptrend
Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn't hold any position in the stock. Views are personal.
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