Derivatives strategy on Divis's Lab futures by HDFC Securities

Derivatives call on Divis’s Lab futures by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:

Buy NMDC  May 115 Put at Rs 2.40

Stop loss of Rs 1.60

Target Rs 4

Rationale: We have seen Short positions being built in NMDC futures today where we have seen 7% Rise in Open Interest with Price rise of 2%. Stock price is on the verge of giving Breakdown below strong support of 115 on the daily chart. Stock Price is making lower top lower bottom formation on the daily chart since the stating for the year, indicating  bearish trend. Momentum Indicators and oscillators are Indicating weakness in the stock for the short to medium term.