Watch the interview of Ashish Chaturmohta of Fortune Equity Broker with Latha Venkatesh & Ekta Batra on CNBC-TV18, in which he shared his reading and outlook on specific stocks.
Below is the verbatim transcript of Ashish Chaturmohta's interview with CNBC-TV18.
We have seen a breakout almost after three years on Bharti Airtel and this breakout has come with strong open interest participation. In the last five trading sessions, we have seen almost 15-18 percent addition clearly on the long side. We are recommending a long call in Bharti Airtel with a stoploss below Rs 398 whereas an upside we expect this stock to target Rs 440 kind of levels.
Reliance Communications (RComm) is continuously trading at almost three months low, so clearly that is indicating that this stock is on a weakness. In terms of open interest, in last one month, we have seen considerable open interest build up on short side getting developed. This stock can see a clear breakdown. We may expect this stock to target somewhere around Rs 105-106 levels in next three to four trading sessions. One can initiate short call with a stoploss above Rs 117. Infact one can do paire trade by going long in Bharti Airtel and short on Reliance Communications.
Jain Irrigation Systems has formed a major inverted head and shoulder at lower levels. In yesterday’s trade we have seen very strong volumes as well as open interest build up, so clearly it is indicating that we may expect a very strong short covering from current levels. One can initiate a long position with a small stoploss of Rs 92 whereas on upside we expect this stock to target somewhere around Rs 105-107 levels.
IRB Infrastructure Developers is trading at its all time high and this all time high has come after a considerable consolidation, so clearly indicating that we may expect a strong short covering. One can initiate a long position with a stoploss below Rs 268 for an upside target of Rs 290 levels.
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