Derivatives strategy on UltraTech Cement by HDFC Securities

Derivatives strategy on Ultra Tech Cement by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:

Buy Ultra Tech Cement July Future at Rs 3,924

Stop loss: Rs 3,840

Target: Rs 4,050

Rationale:  We have seen Long positions being built in Ultra tech futures’ yesterday where We have seen sharp Rise in Open Interest with Price rise of 3%

Stock price has given breakout on the daily chart by closing above the resistance level of 3850 level with rise in Volumes

Momentum Indicators and Oscillators like RSI and MACD are Indicating strength in the stock for the short to medium