Quant Pick - Tata Motors - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

Broader markets have started to recover along with the Nifty. Select stocks from the auto sector may witness renewed momentum amid a sustained broader market recovery. Stocks like Tata Motors are likely to perform better in the coming trading sessions along with the ongoing recovery seen in sectoral peers.

The open interest in the stock has been on a declining trend since November 2021 while the consolidation phase in the stock remained intact suggesting profit taking. In the current fall the stock has declined sharply on the back of severe FIIs selling but found support near Rs. 380. Since then it has been crawling towards its Call base of 450 with significant OI addition in the future segment, indicating fresh long accumulation at lower levels.

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Shares of Tata Motors Limited was last trading in BSE at Rs. 433.20 as compared to the previous close of Rs. 435.70. The total number of shares traded during the day was 1096825 in over 13161 trades.

The stock hit an intraday high of Rs. 435.40 and intraday low of 427.45. The net turnover during the day was Rs. 474597195.00.

Source : Equity Bulls

Keywords

TataMotors INE155A01022 ICICIDirect QuantPick