According to ICICI Direct, Buy Bharat Forge in range of Rs 455-465, Target: Rs 545, Stop Loss: Rs 414, Time frame: Three months
ICICI Direct's research report on Bharat Forge
Derivatives & Quantitative Outlook
Broader markets have been witnessing volatility after sharp declines were seen in the last expiry week. However, a couple of midcap stocks have shown significant resilience in the recent market volatility and seen sharp pullbacks. We believe Bharat Forge is one such stock that is likely to outperform in the coming days. The open interest in Bharat Forge has been gradually increasing in the last couple of months as the stock exceeded its major hurdle of Rs 400 in August. Since then, long additions have propelled the stock towards Rs 520. Current OI in the October series is almost at a six month’s high. We believe these are fresh long additions. It is well placed to move above Rs 520.
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