Derivative strategy on Marico by HDFC Securities

Derivative strategy on Marico by Nandish Shah, Senior Technical & Derivatives Analyst at HDFC Securities

Buy MARICO JANUARY Future at Rs 379  

Stop loss: Rs 374  

Target: Rs 388

Rationale:

-- The long build up is seen in Marico Futures’ yesterday where we have seen Rise in Open Interst with Price rise of 1.4%.

-- The stock price is taking support around 20 day SMA since last few days.

-- The stock price is making higher top higher bottom formation on the daily charts.

-- The momentum indicators and Oscillators are also Indicating strength in the stock for the short to medium term.

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.