ICICIdirect issued Buy technical call on Shriram Transport Finance in the range of Rs 959-973 with target Rs 1,140 within three months time in its report.
Commenting on the investment rationale, stock broker said,"The company has been broadly consolidating in the range of Rs 850-950 since the day of election verdict. We have seen initial signs of the stock coming out of the range on the back of fresh addition of long positions Noteworthy high delivery based buying was seen near Rs 880-900 levels in August.
We believe these levels will be held in the near term. Recently also, another follow up high delivery based activity was seen near Rs 960 in the first week of September. We expect the stock to move up further on the back of sustained buying momentum."
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