Quant Pick - Cadila Healthcare - ICICI Direct

Time frame: Three months

Derivatives & Quantitative Outlook

• The Pharma space has remained largely range bound in the last couple of months with stocks like Cadila Healthcare underperforming the market. Currently, stock is trading near its support base and we believe that current levels provides good risk reward opportunity. After remaining range bound for some time, we believe that the recent up move is likely to continue towards Rs. 540 in the coming weeks.
• On the F&O front, the open interest in the stock is relatively low compared to the last couple of months and remained almost unchanged after September. However, with the ongoing price consolidation, we saw marginal closure of positions suggesting short covering. Since the stocks is making formation near its support we believe fresh long positions may be formed, which should take the stock higher in the coming trading sessions.

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

Shares of Cadila Healthcare Limited was last trading in BSE at Rs. 467.55 as compared to the previous close of Rs. 462.65. The total number of shares traded during the day was 104720 in over 3059 trades.

The stock hit an intraday high of Rs. 471.00 and intraday low of 461.75. The net turnover during the day was Rs. 48953094.00.

Source : Equity Bulls

Keywords

CadilaHealthcare INE010B01027 CADILAHC Pharmaceuticals ICICIDirect