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Derivative strategy on McDowell Holdings by HDFC Securities

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

Nandish Shah  |  Mumbai 

BSE, NSE, Markets, SENSEX
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Derivative strategy on by Nandish Shah, Senior Technical & Derivatives Analyst at HDFC Securities:

Buy November Future at Rs 538

Stop loss: Rs 525

Target: Rs 560

Rationale:

We have seen Long roll-over in Mcdowell Futures’ to the yesterday where we have seen a rise in Open Interest with a Price rise of 2.7%.

The price has given a breakout on the daily charts with higher volumes where it managed to close at one month high.

The price is trading above its important short-term moving averages (5 and 20 day SMA) Indicating bullish trend for the short and medium term.

Momentum Indicators and Oscillators are also indicating strength in the for the short to medium term.

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

First Published: Fri, October 26 2018. 06:30 IST
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