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Derivatives Strategy by HDFC Securities: Buy Petronet July Futures

Views on derivative call by Nandish Shah, Senior Technical & Derivative Analyst, HDFC securities.

Nandish Shah  |  Mumbai 

Image: iSTOCK
Image: iSTOCK

Petronet July Future

Recommendation: BUY


Initiation Price: Rs 253

Stop loss: Rs 247

Target: Rs 265

Rationale:

Long build up is seen in the Petronet Futures yesterday, where we have seen rise in Open Interest with price rising by 1.2%.

Stock price has broken out from the downward slopping trendline, adjoining the high of 01-April and 28-May on the daily charts.

Stock price has given breakout on the daily chart to close at seventeen month high with higher volumes.

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

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Disclaimer: Views expressed are author's own.

First Published: Fri, July 05 2019. 08:03 IST
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