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