Hemant Thukral of Aditya Birla Money told CNBC-TV18, "Within the banking pack, we like Karnataka Bank a lot. The stock has seen 16 percent open interest build up, more interesting for me was the way 170 Call writers were getting forced to unwind the positions. We are buying Karnataka Bank with a stop loss of Rs 164 for target of Rs 179."
"One more stock that we are recommending to buy from Nifty50 is Tata Motors DVR. We saw lot of cash volume surge in both Tata Motors and Tata Motors DVR. The reason to choose Tata Motors DVR over Tata Motors is the open interest."
"Tata Motors DVR saw 8 percent open interest on Friday and the way it has added on 240 Put, it seems that the new base is Rs 240. So we will be buying it with the stop loss of Rs 241 and look at a target of Rs 265-268," he said.
At 11:28 hrs Tata Motors (DVR) was quoting at Rs 256.65, up Rs 9.75, or 3.95 percent. It has touched an intraday high of Rs 257.20 and an intraday low of Rs 245.40.
Karnataka Bank was quoting at Rs 169.20, up Rs 0.90, or 0.53 percent. It has touched an intraday high of Rs 171.65 and an intraday low of Rs 168.20.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
