Watch the interview of Ashish Chaturmohta of Fortune Equity Broker with Reema Tendulkar & Mangalam Maloo on CNBC-TV18, in which he shared his readings and outlook on market and specific stocks.
Below is the verbatim transcript of Ashish Chaturmohta's interview with CNBC-TV18
Kotak Mahindra Bank
"We are recommending short call on Kotak Mahindra Bank. We have seen a very aggressive build up of short positions in last three to four trading sessions. Today also we are witnessing huge amount of short getting build up in the stock. So we are recommending a short with a stop loss above Rs 1340 and on downside we are expecting this stock to breach Rs 1280-1270 kind of mark."
Axis Bank
"Axis Bank, post its results, has seen a very strong build up of long positions. So, if you look at Axis Bank around Rs 550-570, addition of almost 12-13 percent has been seen on the long side. So, clearly this is one stock which can see a strong outperformance. We are expecting an upside target of Rs 600 in Axis Bank whereas on downside Rs 560 should act as a strong support. So, one can keep a stop loss below Rs 560 in it," he said.
Reliance Infrastructure
"In Reliance Infrastructure, there is a huge build up of short positions in most of the ADAG space stocks and particularly Reliance Infra after yesterday’s news, there is a build up of short positions around Rs 415-416 kind of levels. So, crossing Rs 420 looks very difficult for the stock. So, one can keep a stop loss above Rs 420 and initiate short position in the stock. On the downside Rs 375-380 could be the levels which could be seen in the stock."
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