IndusInd Bank, Maruti can see smart upmove: Parikh

Rikesh Parikh, Motilal Oswal Financial Services feels that IndusInd Bank has target of Rs 405 and Maruti Suzuki can go upto Rs 1600.

Parikh told CNBC-TV18, “IndusInd Bank is overall in the momentum on the upside. It broke out from a flag pattern and made high of around Rs 390 and then again tested the flag pattern line at around Rs 366 and rebounded. So keeping stop at around Rs 366 one can look at buying the stock, the stock is trading around Rs 378. On the upside we can look at around Rs 405 or so as a target on the higher side. He further added, “Maruti Suzuki yesterday we saw quite a decent amount of volume and it made a new high. At higher levels there was some amount of selling pressure but the kind of momentum or the pattern that the stock has made and the open interest built up is giving positive view suggesting long built-ups are happening over the stock. So this could be a high momentum idea also. The stock is trading around Rs 1494-1495, keeping a stop loss at around Rs 1455 and probably we think it could be on the higher side around Rs 1570 being the first target and it can go up to Rs 1600 also.”