Buy Shriram Transport Fin; target of Rs 1140: ICICIdirect

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ICICIdirect.com's report on Shriram Transport Finance Corporation

In the last couple of weeks, momentum has clearly shifted into the midcap space while the Nifty witnessed gains of 1.6% during the month. Both CNX Midcap and CNX Small Cap indices gained more than 7% during the month. After the outperformance of sectoral heavyweights, midcap stocks are catching up the valuations. Stocks from the financial space are also gearing up for fresh upward momentum where stock like Shriram Transport Finance are likely to witness good upsides from current levels. On the futures front, after rallying to Rs 1020 levels in June, Shriram witnessed long liquidation and moved in a consolidation phase where it found support near its 2010 highs of Rs 850. Once again, as the stock has moved towards Rs 1000 levels, fresh accumulation of long positions is visible. It is likely to find its way towards Rs 1150 levels in the days to come. Recommendation Buy Shriram Transport Finance in the range of Rs 959-973Target: Rs 1140Stop loss: Rs 879 on closing basisTime Frame: Three months

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