Future Retail may test Rs 95: Manoj Murlidharan Vayalar

Manoj Murlidharan Vayalar of IIFL told CNBC-TV18, "I feel directional buying in stocks would not be recommended but then there are stocks like Future Retail. Precisely from September 11 in the Indian market lot of arbitrage is going, two portions is being bought in the cash market and we are seeing shorting in the stock Futures."

"Future Retail is one script where open interest is huge with pileup of long positions in terms of open interest that is being rolled this month and now we are seeing some cash based buying. So this is one scrip that can rally almost 25-30 percent in the next 45 sessions. So this is a time when investors and traders should be going long on Future Retail," he said. "The stock is somewhere close to Rs 73, keep a stoploss at Rs 69 and the target is as big as Rs 95. So we are seeing possible an October expiry can be closer to Rs 84-86 and possibly in November we may get this level of Rs 95."