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Derivatives strategy on UPL by Nandish Shah, Technical & Derivatives Analyst at HDFC Securities:
Buy UPL August Future at Rs 651
Stop loss of Rs 638
Target Rs 675
Rationale: Accumulation of Long positions is seen in the UPL Futures’ during the August series till now, where we have seen 8% rise in Open Interest with the price rising by 2%
The stock price is trading above its all-important short-term moving averages (5 and 20 DMA) Indicating a bullish trend for the short term
The stock price is making bullish higher top higher bottom formation on the weekly line chart
Oscillators are also Indicating strength in
