Oct 08, 2013, 03.00 PM IST | Source: CNBC-TV18

Go long on Mahindra and Mahindra: Ashish Chaturmohta

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 of Fortune Equity Brokers told CNBC-TV18, "In YES Bank we saw a correction from Rs 390 to almost Rs 300 levels and again we have seen a very strong rally in a single day. So that will force shorts to cover up their positions and we may see YES Bank itself continuing another 5-8 percent. Kotak Mahindra Bank is one counter which can give another 5-7 percent from current levels."

"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."

Also Read: M&M sees FY14 tractor sales growth at 12-14%

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