Quant Pick - DLF - ICICI Direct

Recommendation

Buy DLF in range of Rs. 258-268
Target: Rs. 320
Stop Loss: Rs. 238
Time frame: Three months

Derivatives & Quantitative Outlook

Private banking and infrastructure along with the realty space has taken the lead in the up move post Budget. Recently corrected stocks from the BFSI and cement space are showing noteworthy momentum and resilience in any intermediate market correction. In the realty space, DLF is one such stock that has been showing initial signs of a recovery and is likely to continue its upward momentum in the coming weeks.

The open interest in the stock declined sharply from March 2019 amid long liquidation. Since March 2020, the stock has witnessed a downtrend with marginal short additions. These positions were closed recently when the stock gave a breakout from its broader trading range of Rs. 150-250. We now expect fresh positive momentum to be seen along with addition of long positions in coming sessions.

For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_DLF_Feb21.pdf

Shares of DLF LTD. was last trading in BSE at Rs.294.4 as compared to the previous close of Rs. 281.95. The total number of shares traded during the day was 2699496 in over 16165 trades.

The stock hit an intraday high of Rs. 299 and intraday low of 278.85. The net turnover during the day was Rs. 771338606.

Source : Equity Bulls

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