Long Shriram Transport Finance (SHRTRA) September future in the range of | 1120-1130. Target: | 1210; Stop Loss: | 1070 Rationale
Markets witnessed one of the biggest intraday moves on Friday where stocks with heavy short addition were primary gainers. Auto and NBFC heavyweights gained almost 10% during the day indicating the same. We believe short positions are still prevailing in the space and Shriram Transport Finance is one of the stocks that is likely to continue its momentum. The stock moved to its three-month highs. It is likely to continue the upward bias as almost 4.3 million shares are still intact. It has surpassed its highest Call base at 1080 strike quite easily.
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