Buy Indus Towers in range of Rs. 255-263
Target: Rs. 320
Stop Loss: Rs. 234
Time frame: Three months
Derivatives & Quantitative Outlook
Broader markets have started exhibiting relative outperformance compared to the Nifty in the current move. Stocks like Indus Towers have shown significant resilience and witnessed buying support from lower levels. The stock has moved to its 52-week highs in the recent recovery indicating enduring positive bias in the stock.
On the F&O front, the open interest in the stock was at a two-year high in the early part of the September series as it moved below Rs. 200. However, the gradual decline in OI was seen post September series as broader markets have consolidated. The stock has shown a recovery amid short covering. We expect the ongoing momentum to continue due to closure of these positions.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_IndusTowers_Feb21.pdf
Shares of Indus Towers Ltd. was last trading in BSE at Rs.266.45 as compared to the previous close of Rs. 260.6. The total number of shares traded during the day was 181847 in over 3267 trades.
The stock hit an intraday high of Rs. 271.2 and intraday low of 261.5. The net turnover during the day was Rs. 48559544.