Nov 30, 2016 01:06 PM IST | Source: CNBC-TV18

Buy ICICI Bank, Tata Motors: Yogesh Mehta

Yogesh Mehta of Motilal Oswal is of the view that one can buy ICICI Bank and Tata Motors.

Yogesh Mehta of Motilal Oswal told CNBC-TV18, "We are recommending buy on the trading side in future segment of ICICI Bank. Current price is Rs 261.50, keeping a stop loss of Rs 257 or Rs 256, target could be Rs 268 to Rs 270. It has taken a good support around 200-day moving average (DMA) of Rs 253-255 range."

"IndusInd Bank has been dragged down from Rs 1,200 level to Rs 1,030. Now it has taken a good support and bounce back is visible on the oversold position; Rs 1,078-1,079 is the current price in the future side. One can look at Rs 1,100 as a price target keeping a small stop loss of Rs 1,060," he said.

"Since last few sessions, Tata Motors is taking support in the range between Rs 445 and Rs 475 levels. So taking that opportunity, one can look at buying this and keeping a stop loss of Rs 453, target would be Rs 475."

"Hindalco Industries has shown sharp reactions on a single day last week and again the same sharp reaction. So we will wait for new opportunity on the buy side, which would be Rs 169-171 level and then the stop loss would be Rs 156. So we are waiting for that correction."

"Tech Mahindra had good bounce back and good opportunity particularly on the set up of technical side. It has broken a long gestation of Rs 420 and Rs 445 level. One can keep a stop loss of Rs 460 on the longer term, target would be Rs 515 and then Rs 540."
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