Hemant Thukral, National Head-Derivative Desk at Aditya Birla Money said he would be going long on Tata Motors. He expects the stock to retest Rs 317-320 in immediate short-term.
Thukral told CNBC-TV18, “Very few counters saw fresh long open interest built up on Friday. It was more of a short covering rally. Tata Motors was definitely one of them. You have seen 6 percent open interest being added up.”
“Not only that, the Put writers have accumulated very aggressively at Rs 300 levels, which clearly suggesting that the stock has huge support now around Rs 294 to Rs 300 band. So, traders should keep a stop loss of Rs 297. We do expect this stock to retest Rs 317-320 in immediate short-term, which will be a resistance band for it. So, I would be going long on Tata Motors in next two-three sessions,” Thukral added.