Buy Tata Motors DVR, target Rs 365: Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "I think once I take the results from yesterday, Tata Motors DVR could be one which still has a lot of room to move on the higher side. Possibly Rs 365 kind of targets can also be seen, reason being if you look at the last two years of discount of Tata Motors DVR vis-à-vis Tata Motors, it was generally around 40 percent. It was not exceeding 40 percent and from there, the discount was shrinking. Now, in the last one year, what we have seen is that this discount has already been shrunk to 33 percent and now it does not go beyond 33 percent. So, whenever it comes to 33 percent it is a good buy.""Rather than buying Tata Motors, you buy Tata Motors DVR because it is much better and a cheaper option available. So, the same thing happens just before these results and that is why the Tata Motors DVR move has been more escalating. So from here, if you are looking for a more short-covering point of view because Tata Motors DVR has started with almost 77 percent higher open interest than the last series," he said."Yesterday, we saw that not Tata Motors, but DVR saw a closure of around 5 percent. So, this trend of short-covering which has started in DVR, it is likely to continue from here on and possibly Rs 365 kind of targets can also be seen in this."