F&O Strategy: Nandish Shah recommends going long on M&M Finance
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Derivative Strategy on M&M Finance
Buy M&M Finance (30-June Expiry) Future at Rs 187.2
Lot Size 4000
Target: Rs 194
Stop Loss: Rs 183
Rationales:
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We have seen long build up in the M&M Finance futures where we have seen 4 per cent addition in Open Interest (Prov) with price rising by 0.5 per cent.
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Short term trend of the M&M Finance is positive as it is trading above its important short-term moving averages.
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Stock price is on the verge of breaking out from the downward sloping trendline, adjoining the highs of 09-Nov 2021 and 29-April 2022.
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Momentum Oscillators like RSI(11) and MFI(10) are sloping upwards and placed above 60, Indicating strength in the current uptrend.
Disclaimer: Nandish Shah is Technical Research Analyst at HDFC Securities. He doesn’t hold any position in the stock. Views are personal.
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First Published: Fri, June 10 2022. 07:46 IST
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