Feb 17, 2017 12:06 PM IST | Source: CNBC-TV18

Vedanta may test Rs 270-272, says Hemant Thukral

Hemant Thukral, National Head-Derivative Desk at Aditya Birla Money is of the view that Vedanta may test Rs 270-272.

Hemant Thukral, National Head-Derivative Desk at Aditya Birla Money told CNBC-TV18, "The stocks that we are recommending today - one is metals stock, Vedanta, the stock has seen a good amount of buying yesterday both in cash and F&O - 3 percent fresh open interest (OI) added up there. What was very interesting in that stock was the way 260 Call shares got unwinded, 19 lakh shares got unwinded and around 8 lakh shares got added up in 260 Put. So that means clearly the new base has come in place and I think now the stoploss can be Rs 258-260 band, which was acting as a resistance and the next target Vedanta should look at is around Rs 270-272 band."

He further added, "Bharat Forge is on some serious upmove and that momentum will continue. The way the open interest has added up yesterday, 6 percent fresh longs have been added up. Technically stock has seen a clear breakout now above Rs 1,065, which was acting as a resistance in weekly charts also. So now we feel, it is heading towards Rs 1,125 to Rs 1,130 and one can keep a tight stoploss of Rs 1,060 from where it has given a breakout. So both these stocks are valid till February expiry that is next two-three trading sessions."

"I like Aurobindo Pharma more. The way this stock has rebounded back after being battered down till Rs 625-630, it has been a very old support from where it has rebounded monthly support. We expect it to rebound that to Rs 660-662. So I would be looking out to buying opportunities in Aurobindo Pharma now," he said.

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