Quant Pick - Muthoot Finance - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

Safe haven assets like gold have started recovering in recent days. They are likely to continue their positive momentum. It has also led to continuous accumulation in stocks like Muthoot Finance. We believe the ongoing consolidation in the stock is a buying opportunity. It is likely to move towards its life-time highs once again.

On the F&O front, leveraged positions in the stock have declined considerably in the last four months as the stock price remained subdued and was unable to perform in line with the market. Despite sharp closure, the stock has been able to surpass its trading range, indicating 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 MUTHOOT FINANCE LTD. was last trading in BSE at Rs.1269.1 as compared to the previous close of Rs. 1243.4. The total number of shares traded during the day was 21266 in over 1445 trades.

The stock hit an intraday high of Rs. 1273.8 and intraday low of 1247.75. The net turnover during the day was Rs. 26800559.

Source : Equity Bulls

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