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Derivative strategy for Bajaj Finance by HDFC Securities

Buy Bajaj Finance Futures at Rs 3,150

Stop loss of Rs 3,110 

Target Rs 3,220

Rationale:
  • Long  build-up is seen in the Bajaj Finance Futures, where we have seen 1.50 per cent rise in open interest with price moving up by 1.10 per cent;
  • It has given breakout on the daily chart by surpassing the resistance of Rs 3,114 level to close at all-time high;
  • Stock is trading above its 5,20,200 day SMA (simple moving average), indicating it is in uptrend.
  • Oscillators and Mometum Indicators like RSI and MACD indicate strength in the stock.



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