Buy CHOLA FINANCE DECEMBER Future at Rs 313
Stop Loss Rs 308
Target Rs 325
Lot Size 1000.
Rationale:
We have seen Long build up in the Chola Finance Futures’ yesterday where we have seen rise in Open Interest with price rising by 3.3%.
Stock price has broken out on the daily chart with higher volumes where it closes at highest level since 27-November.
Stock price reversed northward by taking support at upward slopping trendline, adjoining lows of 24-July, 23-Aug and 16-October 2019.
Stock price has formed multiple bottoms around 295 levels.
Primary trend of the stock is bullish where stock price is trading above its 20, 50 and 200 day SMA.
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