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I bought Coforge October futures at ₹7,127.80. Should I retain the trade? – Palani S
Coforge (₹7,699): The stock bounced off the 50-day moving average (DMA) this week and broke out of the resistance at ₹7,500. But note that ₹7,700 is a potential resistance. If this level is breached, the stock price can rise to ₹8,000 in the near-term.
Coforge October futures (₹7,728.8), too, rebounded from its 50-DMA at ₹6,750. While it surpassed the barrier at ₹7,500, it faces another resistance at ₹7,800. A breakout of this can lift the contract to ₹8,000. But if there is a fall in price, the stock can touch ₹7,400.
Considering the above and that you are now in good profit, we suggest exiting the trade now. You may go long on Coforge futures again after the nearest resistance is breached.
Send your queries to derivatives@thehindu.co.in
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