Book profits in Tata Motors: Ashish Chaturmohta

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Book profits in Tata Motors: Ashish Chaturmohta

Ashish Chaturmohta, IIFL Private Wealth Mgmt is of the view that one can book profits in Tata Motors around Rs 290-292.

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Ashish Chaturmohta, IIFL Private Wealth Mgmt is of the view that one can book profits in Tata Motors around Rs 290-292.

Chaturmohta told CNBC-TV18, "Tata Motors has given us this all time high with a very, very strong open interest activity, so that is suggesting that lot of long accumulation has happened. But today being a gap up, I believe that some profit booking is possible at around Rs 290-292 levels. Around those levels one can definitely look for booking profits as far as trading positions are concerned, should look for a dip towards Rs 270-272 as a good time to re-enter long positions in Tata Motors."

He further added, " Voltas is one counter where we have seen very surprised volumes today also and if you look at the build up until now the stock was not showing any major activity in terms of open interest build up but suddenly today we have seen a very, very significant build up in the open interest as well. So I believe lot of shorts will try to cover their positions and which will lead the stock towards Rs 125-130 levels."