Buy UPL in range of Rs. 625-635
Target: Rs. 735
Stop Loss: Rs. 570
Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets seem to be moving into a consolidation phase after a sharp up move was seen in the last one year. However, stock specific moves are likely to continue while the focus should be on stocks with low leverage positions. UPL is one such stock, which seems to be moving out of the current consolidation and is likely to make fresh lifetime highs in coming weeks.
Chemical stocks have been one of the best performers in the last one year but UPL has been an underperformer. UPL has seen a gradual build-up of open interest in the last couple of months with recent price performance. However, there is ample room for further increase in open interest. We expect long additions in the stock once it sustains above Rs. 640 levels.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_UPL_Mar21.pdf
Shares of UPL Limited was last trading in BSE at Rs.653.85 as compared to the previous close of Rs. 642.2. The total number of shares traded during the day was 384177 in over 8151 trades.
The stock hit an intraday high of Rs. 656.7 and intraday low of 635. The net turnover during the day was Rs. 248318100.