Go long in Hero Motocorp: Mithil Pradhan

Mithil Pradhan of Violet Arc Global Managers told CNBC-TV18, "Hero Motocorp was down trending, it was declining for the last one month or so. Day before yesterday what has happened is, the stock has been pushed outside the bottom Bollinger band. Bollinger band is something that measures the volatility and the extreme of a particular stock. So, I am taking this opportunity by saying that an extreme selling position has been seen in Hero Motocorp."

"I would expect traders to go long in the stock keeping a stoploss below Rs 2960 or Rs 2950 rather because Rs 2960 is a major trend decider level as per Fibonacci analysis; that is what I follow. I am expecting at least Rs 3200 on the upside which is the area of the top Bollinger band. It can go a little higher because the overall view on the auto index is very positive. So, at least Rs 3200 is what I expect in the extreme short-term," he added.