Weekly Recommendation - Short Berger Paints For Target Of Rs. 700 By ICICI Direct
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Rationale
Paint stocks have remained under pressure in the last couple of weeks. Stocks like Berger Paints, which showed relative outperformance, recently started showing signs of weakness and are likely to witness selling pressure in coming sessions. The stock has seen constant additions of positions in the last few sessions while almost 20% OI was increased indicating short positions. In the options space, significant Call writing is visible at ATM 750 and 760 strike, suggesting expectation of limited upside. We expect the stock to move towards its Put base of 700 in the coming sessions.
Short Berger Paints (BERPAI) February future in range of | 745-750; Target: | 700; Stop Loss: 772
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