Hero Motocorp can go upto Rs 1560: Gupta

Amit Gupta of ICICI Direct is of the view that Hero Motocorp can go upto Rs 1560.

Gupta told CNBC-TV18, “The reason behind picking Hero Motocorp is if you look at the volumes in the last 7-8 sessions, it was hitting Rs 1,430. However, when we look at the daily average volume, it was much higher than the daily average volume of the last three months. The February 2011 low was around Rs 1,400. So I assume that from those lows only it has started reverting. The stock future OI in terms of short bias is high. So, there is more chance of short covering in the stock. On the higher side it can move upto Rs 1,560-1,570 also. You can buy the stock, keep a stop loss around the same level of Rs 1,430. So on any decline this maybe a buy till this expiry.”