Watch the interview of Ashish Chaturmohta of Fortune Equity Broker with Ekta Batra & Anuj Singhal 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:
SKS Microfinance
In SKS Microfinance we have seen a very strong build up of positions in last couple of trading session between a ranges of Rs 380 to almost Rs 410. Today it has given a major breakout on the weekly charts above this Rs 410 mark, so definitely lot of short covering is going to be seen in the stock. At current levels one can initiate a long keeping a small stoploss below Rs 400 levels. Where as on upside one can expect a target of Rs 435 in short-term. Whereas on the positional side we expect this stock to cross Rs 465-470 level.
BHEL
In last couple of trading session we have observed a very strong buying momentum in Bharat Heavy Electricals Limited (BHEL) and this stock has crossed on the daily charts above this Rs 260 mark which was a very critical resistance zone. Now there is going to be a huge short covering in the stock. On downside Rs 255-257 this is a strong support zone, so any dip towards Rs 260-257 lot of buying interest could be seen in the stock. On the upside we expect this stock to cross its recent high which was around Rs 280-282 levels. However, looking into the chart pattern, if this stock manages to hold this Rs 280 mark then even upside till Rs 305 could be possible.
ICICI Bank
ICICI Bank has been consolidating for last four weeks between this Rs 357 to almost Rs 338 on downside. We have observed a very strong buying momentum in most of the private sector banks and so ICICI Bank. This time can cross its all time high which is around Rs 367 kind of levels and can target somewhere around Rs 375-380 levels. So, at current levels we are recommending a long with a small stoploss of Rs 350 for an upside target of Rs 375-380 levels.
Adani Enterprises
Adani Enterprises and Adani Ports have seen a very strong open interest build up clearly on the long side. After a long time Adani Enterprises has given a breakout above this Rs 480 levels on the weekly charts. So, clearly at current levels there will be lot of buying interest and one can initiate a long keeping a stoploss below Rs 470. On upside can expect a target of Rs 510 in short-term and Rs 550 in short to medium-term.
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