Quant Pick - Jindal Steel & Power - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

Though the Nifty continues to remain range bound around 15800, the broader market has been witnessing a continued recovery. From the metal space, stocks are garnering significant buying interest. We believe stocks like Jindal Steel & Power will resume their fresh uptrend after hovering in a small range for the last two month. We expect fresh longs to be followed by recent accumulation in the stock.

The open interest in the stock has increased gradually in the last two months along with subdued stock price. Current OI in the stock is at a 15-month high. Considering continuous additions and resilience of the stock, we expect further fresh accumulation to be seen, which should take it higher in the coming sessions.

For details, click on the link below: Link to the Report

Shares of JINDAL STEEL & POWER LTD. was last trading in BSE at Rs. 419.7 as compared to the previous close of Rs. 419.95. The total number of shares traded during the day was 876422 in over 11093 trades.

The stock hit an intraday high of Rs. 423.4 and intraday low of 407.25. The net turnover during the day was Rs. 364616971.

Source : Equity Bulls

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