Oct 08, 2013, 03.00 PM | Source: CNBC-TV18
According to Ashish Chaturmohta of Fortune Equity Brokers, one may go long on Mahindra and Mahindra with a target of Rs 920-930.
Ashish Chaturmohta (more)
Head Technical & Derivatives Analysis, | Capital Expertise: Equity - Technical ,F&O
"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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