Rikesh Parikh's view on Bajaj Auto

Rikesh Parikh, Vice-President Markets Strategy and Product Development -Equities, Motilal Oswal Financial shares his view on Bajaj Auto.

Parikh told CNBC-TV18, "Bajaj Auto has been showing quite some strength post their result and there was a huge short covering what we had seen because before the result there was 10% open interest that had build up in the stock. The stock has given a good strength. But I think at near to Rs 1700 where its 200 day moving average lies there is some resistance in it. So we are almost near Rs 1680 so probably Rs 1700-1720 which is its 200 day moving average zone it could find some resistance over there."
He further added, "As far as Hero Motocorp goes it seems like post results looks like some amount of unwinding happening and some pressure building up into the stock."
"In Orchid Chemicals some big spike is happening and builds up is also looking over there – looks positive, so one should be following yesterday’s close keeping as a stop loss over there in the stock." Disclosure: We would have recommended few things to our clients also what we have discussed today.