Derivative strategy on McDowell Holdings by Nandish Shah, Senior Technical & Derivatives Analyst at HDFC Securities:
Buy MCDOWELL HOLDINGS November Future at Rs 538
Stop loss: Rs 525
Target: Rs 560
We have seen Long roll-over in Mcdowell Futures’ to the November series yesterday where we have seen a rise in Open Interest with a Price rise of 2.7%.
The stock price has given a breakout on the daily charts with higher volumes where it managed to close at one month high.
The stock 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 stock for the short to medium term.
Disclaimer: The analyst may have positions in any or all the stocks mentioned above.