HMT may test Rs 65 in short term, says Kunal Bothra

Kunal Bothra, Head of Advisory at LKP told CNBC-TV18, "The breakout in HMT has already happened today. With volumes spurting today the stock has comfortable above the longer-term moving averages. It is forming a bullish pennant formation. Breakout is closer to Rs 57 odd. So, I believe that the larger pattern breakout could actually happen over the next couple of days if the stock sustains Rs 56-57." "I believe from a very short-term perspective we could look at atleast Rs 65 as a potential target. However, the larger pattern can actually unfold and with the kind of midcap euphoria you are actually in, I believe that the stock can actually go much higher. So, Rs 65 is the short-term target which I am looking at on HMT and keep a stop loss of Rs 50," he said.