Buy June Futures at Rs 496


Target: Rs 515



Stop Loss: Rs 487


Lot Size: 1,250


Rationale:


— We have seen Long build-up in the futures, where we have seen 5 per cent rise in the Open Interest (Prov) with price rising by 4 per cent.


— The stock price has broken out above the downward slopping trendline adjoining the highs of April 27 and June 1, 2020


— The stock’s primary trend is positive and its price is trading above 200-day SMA


— Daily RSI oscillator is placed above the 60 level, indicating sustainability of the existing trend


— Plus DI is trading above Minus DI, indicating bulls have an upper hand


— Pharma, as a sector, looks good on the short- and medium-term chart



Disclaimer: Nandish Shah is a Technical & Derivative Analyst at Views are personal.

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