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F&O Strategy: Nandish Shah recommends going long on M&M Finance

The technical analyst from HDFC Securities recommends buying M&M Finance June future with a stop at Rs 183 for a target of Rs 194.

NSE, national stock exchange, nifty50
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Less than 15 minutes before close, NSE and BSE announced they were extending trading hours from 3:45pm to 5pm.

Nandish Shah Mumbai
Derivative Strategy on M&M Finance

Buy M&M Finance (30-June Expiry) Future at Rs 187.2
Lot Size 4000
Target: Rs 194
Stop Loss: Rs 183

Rationales:

  • We have seen long build up in the M&M Finance futures where we have seen 4 per cent addition in Open Interest (Prov) with price rising by 0.5 per cent.
     
  • Short term trend of the M&M Finance is positive as it is trading above its important short-term moving averages.
     
  • Stock price is on the verge of breaking out from the downward sloping trendline, adjoining the highs of 09-Nov 2021 and 29-April 2022.
     
  • Momentum Oscillators like RSI(11) and MFI(10) are sloping upwards