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Long Bajaj Auto (BAAUTO) April future in the range of Rs. 2420-2440, Target: Rs. 2650; Stop Loss: Rs. 2300 Rationale
Auto stocks have remained under pressure in the last few months. However, in the last couple of sessions, a sharp up move was observed in this space along with a market recovery. Bajaj Auto has shown significant resilience when most auto stocks were witnessing selling pressure. We believe the stock will also outperform in the ongoing recovery. The OI in the stock has moved to multi-year lows at the inception of April series while fresh longs are likely to be added in the coming sessions, which may keep the upside bias intact in the stock.
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