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Buy Max Financial Services October Futures, suggests HDFC Securities

RSI Oscillators is sloping upwards and placed above 50 on the daily chart, indicating strength in the stock, says Nandish Shah

With most negatives priced in, worst seems over for Max Financial investors
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Nandish Shah Mumbai

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Strategy on Max Finanical Services (MFSL)

Buy MFSL Oct 26 expiry futures at Rs 916.35

Target: Rs 965

Stop Loss: Rs 894

Lot Size: 800

Time frame : Till October expiry

Rationale:

Long build up is seen in the MFSL Futures on Thursday where Open Interest rose by 11 per cent (Prov) with the stock rising 3.1 per cent.

Short term trend of the stock turned positive as it closed above its 5 and 11 day-EMA

Primary trend of the stock is positive as it is trading above its 50, 100 and 200 day-EMA

RSI Oscillators is sloping upwards and placed above 50 on the daily chart, indicating strength in the stock.

Note : It is advisable to book profit in the strategy when ROI exceeds 20 per cent. 

Disclaimer: Nandish Shah is a technical research analyst at HDFC Securities. He or his/her relative or HDFC Securities does not have any financial interest in the subject company.

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First Published: Oct 06 2023 | 6:33 AM IST

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