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  • F&O Strategy: Nandish Shah recommends going long on M&M Finance
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F&O Strategy: Nandish Shah recommends going long on M&M Finance

By Magenet Magenet 2 months ago

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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:


  • 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.

  • Short term trend of the M&M Finance is positive as it is trading above its important short-term moving averages.

  • 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.

  • 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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