Expect CG Power to test Rs 85 by March expiry: Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "CG Power formerly known as Crompton Greaves has added open interest 13 percent; what was interesting was the rollover cost has already started moving up and that means the April Future cost is higher. The premium is higher clearly telling that long positions are getting build up. Also 75 Put writers are adding positions in the April series. Technically, also the stock has now clearly sustained above Rs 75. So, one can keep a stop loss of around that Rs 76-77 band and we expect the stock to test the next resistance level of Rs 85. Again this call will be only for next two to three trading sessions and the way the Friday open interest 13 percent momentum is built up, we feel that this target of Rs 85-86 band is achievable before this expiry ends."

At 09:50 hrs CG Power and Industrial Solutions was quoting at Rs 77.35, up Rs 0.15, or 0.19 percent. It has touched an intraday high of Rs 78.25 and an intraday low of Rs 77.35.