Amtek Auto can touch Rs 320: Bhambwani

Technical Analyst, Vijay Bhambwani is of the view that Amtek Auto can touch Rs 320.

Bhambwani told CNBC-TV18, "Amtek Auto has come down offlate in tandem with the market and Rs 265 is a level where I expect overhead supply to come in. Now unless it actually breaks out above Rs 265 very convincingly, I think there should be an inflection point where serious selling might be seen. If the picture is very pretty I think one can expect upto more than Rs 320 levels over the next 3-4 quarters. If the breakout is not really very convincing or forceful then probably one needs to encash this money and deploys it elsewhere."

Disclosure: Analyst has personal holding in Reliance Communications.