Posted On:
2021-01-22 22:50:52
(Time Zone: Arizona, USA)
Recommendation
Buy Hero MotoCorp in range of Rs. 3320-3380 Target: Rs. 3950 Stop Loss: Rs. 3050 Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets have started outperforming along with the Nifty. Select stocks from the auto sector may witness renewed momentum amid a sustained broader market recovery. Stock like Hero MotoCorp is likely to perform better in the coming trading sessions along with the ongoing recovery seen in sectoral peers like Bajaj Auto.
The open interest in the stock has been on a declining trend since February 2020 to October 2020 while the uptrend in the stock remained intact suggesting short covering. Post that till now it has been consolidated and traded between the range of 2950-3350 levels along with significant OI addition, indicating fresh long accumulation.
Shares of HERO MOTOCORP LTD. was last trading in BSE at Rs.3376.6 as compared to the previous close of Rs. 3245.75. The total number of shares traded during the day was 111326 in over 10904 trades.
The stock hit an intraday high of Rs. 3484.95 and intraday low of 3265.5. The net turnover during the day was Rs. 379451863.
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