Castrol can head towards Rs 495-500, says Hemant Thukral

Hemant Thukral of Aditya Birla Money told CNBC-TV18, "Very rarely, we see Castrol India adding 20-22 percent open interest (OI). Whenever I have seen in these types of stocks open interest (OI) getting added up in such volumes on both the delivery based cash as well as F&O it seems that there is some event or some news which is getting unfolded out which market may realise later on. However, I would go purely on data bases. The stock has managed to come above Rs 450-451 which was a very major hurdle." "Castrol has come on the back of the very huge volumes and 20-25 percent OI getting added up on a single day on Wednesday.So, clearly, I think the stock is heading towards Rs 495-500 zone. For traders also the stock looks good. If you can hold the stock for long-term may be for 15-20 days, I think one story can unfold in this stock because the way OI has added up something is cooking up in the counter," he said.