Derivatives strategy on Tata Elxsi April Future by HDFC Securities

Derivatives call on Tata Elxsi April Future by Nandish Shah, Technical & Derivatives Analyst, HDFC Securities:

Buy Tata Elxsi April Future at Rs 1072

Stop loss of Rs 1058

Target Rs 1100

Rationale:  Long  positions being built in Tata Elxsi Futures' today where we have seen open interest addition with price rise.

Stock  Price  has given breakout on the daily chart today with rise  in volumes where it managed to close above the resistance level of 1150 odd levels with rise in Volumes

Technology as a sector is doing well.

Short-term moving averages are trading above long term moving averages, indicating bullish trend  

Momentum Indicators and Oscillators are Indicating strength in the stock for the short to medium term

Disclaimer: The analyst may have positions in any or all the stocks mentioned above.

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