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Derivative strategy on MCX October future by HDFC Securities

Vinay Rajani/Mumbai 12 Oct 18 | 08:32 AM

Derivative strategy on MCX October future by Vinay Rajani, Technical Research Analyst, HDFC Securities:


BUY MCX OCTOBER FUTURE @ Rs 747

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Stop loss: Rs 722

Target: Rs 785


Rationale:


1. The stock broke out from the consolidation by rising more than 7% with a significant jump in volumes


2. Oscillators have exited from the oversold zone, indicating a short-term trend reversal.


3. Long positions being built in MCX Futures’ yesterday, where we have seen a rise in Open Interest by 7%.


4. The stock price has surpassed 20 days EMA resistance on the closing basis


Disclaimer: The analyst may have a position in the stock mentioned above.

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