Watch the interview of Ashish Chaturmohta of Fortune Equity Broker with Ekta Batra & Reema Tendulkar 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.
Jubilant Foodworks has seen a strong recovery from lower levels of Rs 1,110 to almost Rs 1,250-1,280 levels. During this rise we have observed very strong volume as well as open interest participation. In terms of rollovers also, in the last two series, we have seen very strong rollovers coming in Jubilant Foodworks.
We expect this stock to cross its all time high which is around Rs 1,380-1,400 mark. We are recommending a long position in the stock with a stoploss below Rs 1,230 for a short term target of Rs 1,360 but on the positional side we expect this stock to cross its all time high and target somewhere around Rs 1,420 levels.
In the banking space we are witnessing a very strong contribution coming from ICICI Bank and Kotak mahindra Bank. Even if you look at counters like YES Bank and IndusInd Bank, we have seen a very long build up of long positions."
ICICI Bank has been consolidating between Rs 1450-1530-1540 levels and now it has given a clear breakout on its weekly charts above Rs 1,540 mark. As far as open interest build up is concerned during this rise we have seen a build up of almost 17-18 percent, clearly on the long side.
We think that the stock has a potential to cross its all time high and it can target somewhere around Rs 1,630-1,640 levels. One can initiate a long position at current levels with a stoploss below Rs 1,520 for an upside target of Rs 1,640 in the next five to seven trading sessions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
