 "SMEs, banks, foreign exchange, markets, forex, small and medium price industries,")
Derivative strategy on Escort by Nandish Shah, Senior Technical & Derivatives Analyst at HDFC Securities
Buy ESCORTS December Future at Rs 698
Stop loss: Rs 685
Target: Rs 720
Rationale:
We have seen Long build up in Escorts Futures’ yesterday where we have seen 6% Rise in Open Interest with Price rise of 2%
We have seen a strong rollover of 93% to the December series as against the last series rollover of 90%
After taking support at 5 day SMA, the stock price has given breakout on the daily charts by closing above the resistance level of 690 to close at two month high.
Momentum Indicators and Oscillators like RSI and MACD are also showing strength in the Stock
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.
