Derivative Stock Strategy (Mar 2024 Expiry)
BUY Cummins India March 2900 CALL at Rs 50 | Stop loss: Rs 28 | Target: Rs 100
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Rationale:
>> 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.
Disclaimer: Vinay Rajani is CMT, Senior Technical and Derivative Research Analyst at HDFC Securities. Views are his own.