Buy M&M, Tata Motors may test Rs 305: Gaurav Bissa

Gaurav Bissa of LKP Securities told CNBC-TV18, "Tata Motors has made a swing low today. It has been trading with a negative bias. From Rs 332-333, there are multiple reversal point seen. So unless this trades below Rs 330, there are chances that it may test levels of Rs 305-310. It is trading below the short-term averages. There are some exhaustion seen in the momentum indicators as well. It has fallen off with incremental volumes and that is also a negative sign for this stock. One can have a stop loss of Rs 336 and play for targets of Rs 305. One can also have an exposure to Puts as well, it is quite liquid.""One can buy Mahindra & Mahindra (M&M). The stock had multiple resistance level at Rs 1,200 levels. We have seen good amount of selling happening at around Rs 200 levels today. It is trading comfortably above these levels. The small breakout is also seen above Rs 1,200 levels. It is now trading above the short-term averages. We have seen the momentum indicators picking up action. RSI from oversold has started inching higher. So all in all, it looks quite robust. One can initiate a buy for target of Rs 1,300 and can have a stop loss of Rs 1,180," he said.