Buy SIEMENS DECEMBER Future at Rs 1,531 Stop Loss: Rs 1,505
Target: Rs 1,575Lot Size: 550.
Rationale:
We have seen Long build up in the Siemens Futures where we have seen rise in Open Interest with price rising by 1.5 per cent.
Stock price has broken out on the daily chart by closing above the resistance level of 1,520 with higher volumes
Stock price is trading above its 5, 20 and 200 day SMA, indicating positive trend for all the time frames
Stock price has formed multiple bottoms around 1,450 levels
Momentum Indicators and Oscillators like RSI and MACD have turned bullish on the daily charts.
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Disclaimer: Nandish Shah is a Technical Analyst with HDFC securities. Views expressed are his own.
Source: Maalaimalar
