Quant Pick – Torrent Pharma: ICICI Direct
According to ICICI Direct, The Nifty has moved towards the 10000 mark amid a broader market recovery led by underperforming segments like banking.
ICICI Direct research report on Quant Pick
Derivatives & Quantitative Outlook
The Nifty has moved towards the 10000 mark amid a broader market recovery led by under performing segments like banking. We believe the Nifty may witness some consolidation around current levels while stocks from the pharma space may witness buying again after a brief consolidation. The recent profit booking in select stocks provides a good risk reward opportunity. Torrent Pharma, which has declined sharply post its quarterly results, is likely to witness fresh upsides from current levels on the back of short covering.The open interest in Torrent Pharma has increased sharply in the last few months. Further addition was seen in the June series after its quarterly results. The current OI in the stock is almost at a life-time high. We believe that downsides should be limited considering such a high OI. Moreover, short covering is likely to pull the stock higher from current levels.
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First Published on Jun 4, 2020 03:45 pm