Watch the interview of Ashish Chaturmohta of Fortune Equity Broker with Anuj Singhal & Ekta Batra 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.
We are looking for a good amount of pullback from current levels and banking is one sector where we have seen a lot of buying interest in last couple of trading sessions. In last four or five trading sessions we have not seen a very aggressive build up of short positions. It was more of a long liquidation which we have seen.
So, at current levels we can see a good amount of recovery in most of the banking names. We like ICICI Bank at this point of time, with a stoploss below Rs 320, one can initiate a long position. There can be a good pullback rally towards Rs 350-355 in next two or three trading sessions.
Crompton Greaves has seen a very steep correction from almost Rs 205 to Rs 165 kind of levels. Around these levels we have seen a good amount of long build up happening. So, at current level, one can initiate a long position with a stoploss below Rs 165. However, on the upside we are expecting a target of Rs 182-185 in next three to four tradingsessions.
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