Weekly future recommendation:
In the ongoing consolidation around 11500, stocks specific high volatility is evident. While most FMCG stocks failed to participate in the recent up move, Dabur India has seen continued buying support at every decline. The stock had a significant Call base at 500 and 510 strikes for the September series while closure of Call writing positions was seen in the last session indicating expectations of a continued up move. Even the open interest has risen sharply in the last few sessions suggesting long build up. We expect the current uptrend to find momentum in the coming sessions. It is likely to move towards | 540 in the near term.
Long Dabur India (DABIND) September future in the range of Rs 505-510. Target: Rs 545; Stop Loss: Rs 486
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