Manoj Murlidharan Vayalar, Associate Vice President-Derivatives of IIFL told CNBC-TV18, "So, if one is specifically talking about Tata Motors as a stock, I feel in autos even this is one scrip where there was cash based distribution, which happened somewhere close to Rs 320 odd levels. Now the weighted average price where we have actually seen some long built up and cash accumulation was all the way at Rs 278. So, Tata Motors would not be any trade as of now. So, we are at a critical juncture right now.
"We should rather stick to our call like something in an fast moving consumer goods (FMCG) or pharma, which can still be a defensive bet. So, simply saying, I would rather say Godrej Industries is a better call as of now because we are seeing good cash based buying as well as good short covering in today's trade. So that goes as a long trade," he said.
He further said, "We can keep a long position on that, somewhere close to Rs 307 with a stop loss of Rs 301 and expect Rs 319-320 on that."
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