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Anil Manghnani of Modern Shares & Stock Brokers is of the view that Hindustan Motors has resistance at Rs 47.5-48.
Manghnani told CNBC-TV18, "After a long time Hindustan Motors is trying to breakout. Every time it came close to Rs 43-44 it gave a false move based on the property play and then fall off but now it is broken that area. There is one major resistance level around Rs 47.5-48, once that is taken out then probably the stock could rally back to its all time high closer to Rs 60, so wait for Rs 48 to be taken out before you buy again right now."
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