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Last Updated : Oct 01, 2020 02:07 PM IST | Source: Moneycontrol.com

Quant Pick - Bharti Airtel: ICICI Direct

According to ICICI Direct, Buy Bharti Airtel in range of Rs 426-436, Target: Rs 515, Stop Loss: Rs 392, Time frame: Three months.

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ICICI Direct's research report on Bharti Airtel

Derivatives & Quantitative Outlook

In the past three months, Bharti Airtel has underperformed the Nifty by falling 30%, compared to 9% upside in the Nifty. The fall in Bharti Airtel was due to negative news flows. Reduced weightage in MSCI and FTSE also added pressure and has dragged the stock lower. Recently, the Nifty witnessed long liquidation. Due to that, the October series of Nifty open interest (OI) is one of the lowest seen in the last 10 years. At the same time, most of the stock futures have started the October series with significantly low open interest. In contrast, the OI in Bharti has remained prominent while the current OI in the stock is the highest seen in the last 10 year. We believe the recent short positions in the stock are still intact. This is expected to get covered near the support zone of Rs 400-420 levels.

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First Published on Oct 1, 2020 02:07 pm