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Quant Pick - Tata Steel: ICICI Direct

According to ICICI Direct, Buy Tata Steel in range of Rs 392-402,Target: Rs 475,Stop Loss: Rs 355,Time frame: Three months.
Oct 22, 2020 / 08:52 AM IST
 
 
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ICICI Direct's research report on Tata Steel


Recommendation


Buy Tata Steel in range of Rs 392-402,Target: Rs 475,Stop Loss: Rs 355,Time frame: Three months.


Derivatives & Quantitative Outlook


Metal stocks have been in a recovery mode and have showed significant resilience in the current market volatility. Stocks like JSW Steel have managed to retest their new 52 week high despite jittery market conditions, indicating the prevailing positive bias in the metal space. We believe stocks like Tata Steel will resume their uptrend on account of short covering. The open interest in the stock declined sharply in June amid short covering. Since September, the stock has witnessed a downtrend with short additions. These positions have begun to be covered. We now expect momentum to be seen along with covering of short positions in the coming sessions.


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first published: Oct 22, 2020 08:52 am

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