Derivative Stock Strategy (Mar 2024 Expiry)
BUY Cummins India March 2900 CALL at Rs 50 | Stop loss: Rs 28 | Target: Rs 100
Rationale:
>> Stock price has broken out from the consolidation held for last four weeks.
>> Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
>> Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart.
>> Stock is on the verge of registering fresh all time high above 2,892.
Also Read
>> Stock is placed above all important moving averages, indicating bullish trend on all time frames.
>> Price rise is accompanied by rise in volumes and open interest.
>> Indicators and oscillators have been showing strength in the current uptrend.
Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Views are his own.
Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Views are his own.