Hold JSW Steel; buy HDFC, IndusInd Bank: Ashish Chaturmohta

Ashish Chaturmohta of Sanctum Wealth Management told CNBC-TV18, "JSW Steel is trading near its all time high and we have seen a very strong open interest (OI) addition in last three weeks. So, this stock is poised for a move towards Rs 1,840-1,850 kind of levels. One can continue holding on to the long positions if someone is initiating a long call at current level, Rs 1,740 is a ideally a good support level which should be kept as a trading stop loss for an upside target of Rs 1,850 levels." "HDFC has broken its all time high after consolidating for 15 months. If you look at in terms of OI addition in last three days itself, it has seen a build up of almost 9-10 percent. With this kind of huge OI build up in a stock like HDFC, it is going for a strong rally towards Rs 1,490 to Rs 1,520 kind of levels. So one can initiate a long call at current level. Use any dips towards Rs 1,410 levels to average the long positions. Keep a stop below Rs 1,395 and on upside, we can see a target of Rs 1,500 in next three-five trading sessions," he said."Other bet would be a long call on IndusInd Bank. It has been consolidating between a range of Rs 1,200 to almost Rs 1,170 on downside. We have seen a good amount of OI addition in last three days clearly indicating that this stock is poised for a fresh all time high levels. So one can initiate a long call keeping a stop loss below Rs 1,165, on the upside you can expect a target of Rs 1,250 levels.""Another bet would be a midcap idea which is Amara Raja Batteries. In last two days, we have seen a build up of almost 30-35 percent in terms of OI addition. We have seen a very strong heavy trading volumes as well as delivery based buying has been seen in the stock. The stock has given a break out after consolidating for last six-seven months clearly indicating that this stock is poised for a strong upmove. One can initiate a long call, keeping a stop below Rs 955. In short-term one can expect a target of Rs 1,025-1,030. However, looking into the broader trend, in next two-three months, this stock has a potential to cross its previous all time high which is around Rs 1,150 levels."