Dec 07, 2012 10:06 AM IST | Source: CNBC-TV18

Tata Motors (DVR) has target of Rs 170: Sukhani

Sudarshan Sukhani of s2analytics.com is of the view that Tata Motors is in a trading range but its DVR suggests that its trading range is going to breakout on the upside. Tata Motors (DVR) has target of Rs 170.

Sudarshan Sukhani of s2analytics.com is of the view that Tata Motors (DVR) has target of Rs 170.

Sukhani told CNBC-TV18, "Tata Motors is in a trading range but that DVR suggests that its trading range is going to breakout on the upside. It has not yet done although yesterday it gave the first sign. If that is so then Tata Motors DVR gives more returns than the Futures or the equity. It is better to go for the DVR and it’s a replacement of Tata Motors. Look for a target of Rs 170 and then we will review from there."

He further added, "Reliance Power has done the same thing that a lot of the other midcaps are doing. It is doing exactly what L&T has done. It has made a bullish head and shoulder pattern; it is on the verge of a breakout. If Reliance Power breaks out of this one then it’s probably going to go into a long-term uptrend. So today we are looking at buying Reliance Power."

"This also depends on how the Nifty behaves. If the Nifty just remains choppy or up then all of these buy signals should work out. If it starts coming down, which I do not think it will but that is a different matter - Reliance Power is also a positional trade."

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