Quant Pick - Page Industries - ICICI Direct

Recommendation

Buy Page Industries in range of Rs. 20300-20700
Target: Rs. 24000
Stop Loss: Rs. 18900
Time frame: Three months

Derivatives & Quantitative Outlook

In the current Nifty recovery, index heavyweights have primarily performed well while midcap stocks are still lagging. We believe stocks from the midcap space will witness fresh money flows while stocks like Page Industries are likely to witness a fresh uptrend here onwards. The reason for this view is the pick-up in delivery volumes along with constant long addition in the stock.

The key trigger is likely to come from the future segment where the open interest has declined substantially in the last few months despite a range bound to positive performance seen in the stock. The current open interest in the stock is the lowest seen in many months. We believe with fresh long additions, the stock should start performing from here onwards. We are already witnessing initial signs of accumulation in the stock.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_PageInds_Nov20.pdf

Shares of PAGE INDUSTRIES LTD. was last trading in BSE at Rs.21067.4 as compared to the previous close of Rs. 20324.85. The total number of shares traded during the day was 3171 in over 1628 trades.

The stock hit an intraday high of Rs. 21435.15 and intraday low of 20403.3. The net turnover during the day was Rs. 66625293.

Source : Equity Bulls

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