Buy Bosch Limited in range of Rs. 15050-15450
Target: Rs. 17900
Stop Loss: Rs. 13650
Time frame: Three months
Derivatives & Quantitative Outlook
With the Nifty persistent its momentum above 14000, auto ancillary stocks like Apollo Tyres, Bharat Forge and Motherson Sumi saw remarkable recovery in the ongoing momentum. Bosch that had remained notably range bound in the last five months, now it have started to see fresh buying momentum. The stock was supported by higher delivery based buying along with short covering in the futures segment.
Bosch has remained under pressure due to exclusion from the MSCI India index. It has failed to perform inline with the rest of the Auto stocks because of the same. However, post event, continued delivery based buying was observed in it and continued buying momentum is expected. We expect stock to move towards 18000 levels in the coming sessions.
For details, click on the link below: https://www.icicidirect.com/mailimages/IDirect_QuantPick_Bosch_Jan21.pdf
Shares of BOSCH LTD. was last trading in BSE at Rs.15900 as compared to the previous close of Rs. 15174.9. The total number of shares traded during the day was 6782 in over 2576 trades.
The stock hit an intraday high of Rs. 15967.9 and intraday low of 15089.4. The net turnover during the day was Rs. 106156826.