Go long in Sun TV, Amara Raja; sell L&T: Ashish Chaturmohta

Ashish Chaturmohta of Sanctum Wealth Management told CNBC-TV18, "My first pick would be a long call on Sun TV. This stock has crossed last five years of consolidation and this consolidation was in a very high range of Rs 490 on the upside to almost Rs 350 on the downside. And now this consolidation has broken on the upside. We have observed a build-up of almost 15-20 percent addition in the last couple of trading sessions, clearly indicating that longs were accumulating the position and now, this breakout has happened. I think there will be a huge short-covering in the stock. The stock has the potential to cross its previous all-time high which is around Rs 555-560 zone. So, one can initiate a long position at current level keeping a stop loss of Rs 480. On upside, can look for a shorter term target of Rs 540. And on the positional side, can look for a target of Rs 565-570 levels.""My second long call would be on Amara Raja Batteries. It has been consolidating in a range between Rs 1,020 to Rs 900 for the last couple of weeks and now, it has given a fresh break out above this Rs 1,020. We have seen a build-up of almost 7.5 percent in terms of open interest addition clearly on the long side. So, this stock has the potential to cross its previous all-time high. One can initiate a long position keeping a small stop loss below Rs 1,000 and can look for a target of Rs 1,080," he said."My third bet would be a short idea which is on Larsen and Toubro. It has been continuously making a lower top, lower bottom formation. We have seen a decent amount of short addition in the last couple of trading sessions, so I think this stock has a potential to breach Rs 1,400 mark on the downside. One can initiate a short at current level and use any rally towards Rs 1,480 to average the short positions. Keep a stop loss around Rs 1,500 and on the downside can look for a target of Rs 1,400 levels."