Quant Pick - Coal India - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

While the Nifty remained largely range bound, broader markets continued to move higher. Even in the Nifty, low weighted stocks are witnessing continued buying at every decline and doing better compared to index heavyweights. We believe the enduring participation from low weighted stocks should continue. We expect renewed buying in stocks like Coal India that has been consolidating for a month after a sharp up move was seen in May and June 2021.

On the F&O front, leveraged positions in the stock have declined noticeably in the last month as stock prices remained subdued and were unable to perform in line with the market. Despite sharp closure, the stock has been able to trade above its support level of Rs. 140 suggesting prevailing positive bias in the stock. We believe fresh addition in the stock will trigger another round of up move in it.

For details, click on the link below: Link to the report

Shares of COAL INDIA LTD. was last trading in BSE at Rs. 142.5 as compared to the previous close of Rs. 144. The total number of shares traded during the day was 188180 in over 2205 trades.

The stock hit an intraday high of Rs. 145.25 and intraday low of 142.1. The net turnover during the day was Rs. 27027006.

Source : Equity Bulls

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