Bullish on Bajaj Finance, Ceat may test Rs 935-940: AB Money

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "In Ceat, huge open positions on the long side has formed, fresh 8 percent open interest (OI) been added up. Important was the way the stock managed to sustain above Rs 900 yesterday and closed above that. So now one can keep a stop loss of Rs 875 and we are looking at a target of Rs 935-940.""On the non-banking financial companies (NBFC) front, most of the NBFCs have already started to move up, yesterday we saw Reliance Capital adding huge open interest, Bharat Financial Inclusion adding OI but Bajaj Finance has now started to move up again. Very interestingly, it has added an open interest of 3 percent. On cash side, the volumes moved up and now this stock has crossed and sustained above Rs 10,350 which was acting as a stiff resistance for it after the correction post results," he said."Now Bajaj Finance is ready to restart the journey on the upside. We have recommended this along with the stop loss of Rs 10,300 and we have Rs 11,050 as the first target and Rs 11,300. Both the targets can be achieved in next two-three trading sessions. So among the NBFCs, we are quite bullish in Bajaj Finance."