Recommendation
Buy Tata Chemicals in range of Rs. 755-770
Target: Rs. 890
Stop Loss: Rs. 685
Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets are exhibiting a relative outperformance vis-à-vis the Nifty in the last couple of days where stocks from the chemical space are at the forefront once again. Among the chemical pack, we expect stocks like Tata Chemicals to cross life-time highs in coming weeks.
The stock witnessed noteworthy long additions during the last one year. However, since the start of the April series, a gradual decline in OI was seen due to profit taking from higher levels. Currently, the stock has reverted from its support base. We believe fresh longs have started forming in the stock ahead of result and the upward bias may continue in it in coming weeks.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_TataChemicals_Apr21.pdf
Shares of TATA CHEMICALS LTD. was last trading in BSE at Rs.764.75 as compared to the previous close of Rs. 759.85. The total number of shares traded during the day was 308647 in over 8075 trades.
The stock hit an intraday high of Rs. 777 and intraday low of 760.2. The net turnover during the day was Rs. 237165676.