Weekly Recommendation - Short Berger Paints Ltd For Target Of Rs. 680 By ICICI Direct
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Weekly future recommendation:
Rationale
Paint stocks have remained under pressure in the last couple of weeks post their quarterly results. For Berger Paints, major Put OI base was placed at | 750 in the February series, which is already disrupted. That base has moved lower in the March series. Moreover, continued Call writing is visible at OTM 740 strike, suggesting expectation of limited upsides. We expect the stock to move towards its recent low of | 680 in the coming sessions.
Short Berger Paints (BERPAI) March future in range of Rs. 724-728; Target: Rs. 680; Stop Loss: Rs. 752
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