Derivative strategy on MCX October future by Vinay Rajani, Technical Research Analyst, HDFC Securities:
BUY MCX OCTOBER FUTURE @ Rs 747
Stop loss: Rs 722
Target: Rs 785
1. The stock broke out from the consolidation by rising more than 7% with a significant jump in volumes
2. Oscillators have exited from the oversold zone, indicating a short-term trend reversal.
3. Long positions being built in MCX Futures’ yesterday, where we have seen a rise in Open Interest by 7%.
4. The stock price has surpassed 20 days EMA resistance on the closing basis
Disclaimer: The analyst may have a position in the stock mentioned above.