Buy Maruti with target of Rs 1595-1620: Parikh

Rikesh Parikh of Motilal Oswal Financial Services advised buying Maruti with a target price of Rs 1595-1620 and keep a stoploss at Rs 1480.

Parikh told CNBC-TV18, “Maruti Suzuki has been consolidating for almost a month in a range of between Rs 1515-1480 levels. Yesterday it broke out with volumes and it is right now trading at Rs 1525. So keeping Rs 1480 as a stop loss, the lower band of the range one can look at Rs 1595-1620 kind of target on the higher side.”
 He further said, “On the sell side one can look at Cairn India. The stock had made one round of downward move from around Rs 340 levels to Rs 315. From there it gave a bit of a pull back up to Rs 330 level and again stated its downward journey. So right now the stock is trading around Rs 323, can keep a stop loss of Rs 332 and one can look at target of around Rs 305.”