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Derivatives strategy on Amara Raja Batteries by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:
Buy Amara Raja Batteries August Future at Rs 856
Stop loss of Rs 840
Target Rs 880
Rationale: We have seen Long positions being built in Amara Raja battery futures’ yesterday where we have seen Rise in Open Interest with Price rise of 1%.
During this week, Stock price has given bullish downward slopping trend line breakout on the daily chart by closing above the 835 levels with higher volumes.
Stock price is trading above its all-important short term and long term moving averages Indicating bullish trend for the short
