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Derivative Strategy on Cummins for March expiry as stock nears fresh high

Primary trend of the stock has been bullish with higher tops and higher bottoms on the weekly chart

Markets, bulls, bears, stocks, trading, technicals, market technical, technical analysis

Vinay Rajani Mumbai

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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.

>> Stock is on the verge of registering fresh all time high above 2,892.
 
>> 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. 

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First Published: Mar 22 2024 | 7:20 AM IST

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