Bajaj Auto can go upto Rs 1560-1580: Mehta

Dipesh Mehta, Derivatives Analyst, Nirmal Bang Securities is of the view that above Rs 1500, Bajaj Auto can go upto Rs 1560-1580.

Mehta told CNBC-TV18, “In the last couple of days Bajaj Auto open interest has nearly gone up by 20% around 3-3.5 lakh shares been added to the July contract and it has come down from Rs 1510-1511 levels to current levels of around Rs 1430- 1440." He further added, "I think it is not a buy for me until and unless it breaching those levels of Rs 1500.We will see a sharp short covering coming in from Rs 1500 levels and it can take the stock upto Rs 1560-1580 levels on the higher side. But until and unless it is not crossing that Rs 1500 levels I won’t recommend people to go an initiate longs.”