Go long in SKS Microfinance: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, "In SKS Microfinance we have seen a very strong build up of positions in last couple of trading session between a ranges of Rs 380 to almost Rs 410. Today it has given a major breakout on the weekly charts above this Rs 410 mark, so definitely lot of short covering is going to be seen in the stock."

"At current levels one can initiate a long keeping a small stoploss below Rs 400 levels. Where as on upside one can expect a target of Rs 435 in short-term. Whereas on the positional side we expect this stock to cross Rs 465-470 level," he added.

Disclosure: Analyst doesn't have positions in the above stock. However he has recommend to his clients.