Derivative strategy on Havells by HDFC Securities

Derivative strategy by Nandish Shah, Senior Technical & Derivative Analyst, HDFC Securities.

Buy HAVELLS

July Future at Rs 794 | Stop loss of Rs 785 | Target Rs 810

Rationale:

Long build up is seen in the Havells Futures’ yesterday, where we  have  seen sharp rise in Open Interest with price rising by 0.8%.
 

Stock  price  gave  bullish  breakout  on  the daily charts by closing at all time high with higher volumes.
 

Stock price is making higher top higher bottom formation on the daily and weekly charts.
 

Oscillators and Momentum Indicators like RSI and MACD showing strength in the stock on the weekly charts.