Buy Shriram Transport Finance; target of Rs 522: IIFL

Manoj Murlidharan Vayalar, Associate Vice President-Derivatives, IIFL is of the view that one can buy Shriram Transport Finance Corporation with a target of Rs 522.

Vayalar told CNBC-TV18, “Last couple of days we are actually seeing some cash based accumulation on Shriram Transport and it is not really a small quantum. But usually what happens even in stocks like Dabur India Rs 105-107 huge delivery has been happened and from the moment we see the Nifty taking some support or coming to the lower band of the range these would be the stocks that would inch up first. So for Shriram Transport I fell that is one script, it is somewhere close to Rs 510, becomes a good buy for the current months future as well keep a stop loss at Rs 502 and we are expecting close to Rs 522 on that."