Bajaj Auto has support at Rs 1650: Amit Gupta

Bajaj Auto has support at Rs 1650, says Amit Gupta, Head - Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "If you look at the auto pack barring Tata Motors we haven’t seen that kind of momentum coming up in the rest of the pack but if you look at Bajaj Auto, which also fell from the mid of March when the Nifty was tanking."
He further added, "When the market was slowly making a bottom formation around 5,150-5,200 this stock also was making the higher bottoms and during this process whatever short built-up came from Rs 1800 levels till Rs 1600 in this fall we saw that that particular open interest started getting close and Rs 1,650 around we have seen some good delivery pickup also in Bajaj Auto. So I feel that Rs 1,650 is going to be the critical support level for the stock and your stop loss should be below that and go long on declines in Bajaj Auto. I think Rs 1,720 immediately is going to hit."