Pritesh Mehta, senior technical analyst of IIFL told CNBC-TV18, "Amtek India is on the verge of breaking on the upside. It had a sharp decline from Rs 138 to Rs 88. Thereafter it made a strong base and moved higher gradually and entered into a small trading base. I am expecting a break on the upside because it is an uptrending counter. Whenever we see a kind of consolidation taking place in this kind of stocks, it always tends to break on the upside. So buy Amtek India for target of Rs 115."
At 15:06 hrs Amtek India was quoting at Rs 97, up Rs 0.05, or 0.05 percent. It has touched an intraday high of Rs 100.95.
Disclosure: Analyst might have recommended the ideas to his clients but has no personal holdings.
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