 "F&O Strategy: Four reasons why Nandish Shah recommends buying Indian Hotel")
Derivative Strategy on Indian Hotel
Buy Indian Hotel (30-June Expiry) Future at Rs 223.3
Lot Size: 4022
Target: Rs 232
Stop Loss: Rs 217
Rationales:
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We have seen long build up in the Indian Hotel futures where we have seen 3 per cent addition in Open Interest (Prov) with price rising by 4 per cent.
Short term trend of the stock turned positive as it has crossed its 5- and 20-day EMAs with higher volumes.
Stock price has broken out from the downward sloping trendline, adjoining the highs of 04-May 2022 and 01-June 2022.
RSI Oscillators on the daily chart (11) is sloping upwards and placed above 50, 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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