Ashish Chaturmohta of Fortune Equity Brokers told CNBC-TV18, "In YES Bank we saw a correction from Rs 390 to almost Rs 300 levels and again we have seen a very strong rally in a single day. So that will force shorts to cover up their positions and we may see YES Bank itself continuing another 5-8 percent. Kotak Mahindra Bank is one counter which can give another 5-7 percent from current levels."
"The only area where we are not so confident is the public sector undertaking (PSU) banking space. Maybe State Bank of India (SBI) can see a good short covering, but that will not outperform. So we are basically betting on ICICI Bank, Axis Bank, YES Bank and Kotak Mahindra Bank in the banking space," he added.
"Apart from that, auto is one space where we will see very good strength. Mahindra and Mahindra (M&M) is one pick where we are looking for a target somewhere around Rs 920-930 levels on upside. We are recommending even a long position with a stoploss below Rs 860 in M&M. Short-term target would be Rs 920, but if someone is looking for a positional kind of view then even Rs 960-970 could be the possible target."
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