(Time Zone: Arizona, USA)
Buy Hero MotoCorp in range of Rs. 3320-3380 Target: Rs. 3950 Stop Loss: Rs. 3050 Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets have started outperforming along with the Nifty. Select stocks from the auto sector may witness renewed momentum amid a sustained broader market recovery. Stock like Hero MotoCorp is likely to perform better in the coming trading sessions along with the ongoing recovery seen in sectoral peers like Bajaj Auto.
The open interest in the stock has been on a declining trend since February 2020 to October 2020 while the uptrend in the stock remained intact suggesting short covering. Post that till now it has been consolidated and traded between the range of 2950-3350 levels along with significant OI addition, indicating fresh long accumulation.
Disclaimer:The article above is a gist / extract of the original report prepared by the research firm / brokerage firm. This article is not to be considered as an offer to sell or a solicitation to buy any securities. This article is meant for general information only. www.equitybulls.com, its employees or owners or the research firms, its employees or owners won't be responsible for any liability that may arise from information, errors or omissions in these articles. www.equitybulls.com or its employees or owners / the research firms or its employees or clients or owners may from time to time hold positions in securities referred in this article. For detailed research reports, please contact the concerned research firm directly.