Buy Atul Auto at around Rs 500-510 for long term: Jaiswal

Manas Jaiswal of manasjaiswal.com told CNBC-TV18, "The year of 2014 was a great year for Atul Auto. Last year in January it was a Rs 150 stock but now it is stating at Rs 650, so phenomenal returns in 2014. For last one month, stock was facing lot of resistance near to Rs 700 and it corrected almost Rs 50 in last four trading sessions. On the weekly chart it is making bearish engulfing pattern that is a reversal sign."

"One should keep a strict stoploss of Rs 635, if it breaks Rs 635 then it can correct more and it can come down to around Rs 510 but Rs 510 – 500 is a great level to buy for long-term. If it corrects then one can buy near to Rs 500," he added.