Derivatives strategy on M&M May Future by HDFC Securities

Derivatives call on M&M May Future by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities.
 

Buy M&M May Future at Rs 846
 

Stop loss of Rs 835
 

Target Rs 870

Rationale: We have seen Long positions being built in M&M futures today where we have seen Rise in Open Interest with Price rise of 1.40% with higher Volumes. Primary trend of the stock is bullish and stock is all set to resume its uptrend after a small correction, witnessed during last week. Stock Price is making higher top higher bottom formation on the  daily chart since the October 2017. Oscillators like RSI is showing strength for the short to medium term

Disclaimer: The analyst may have positions in the stock mentioned above.