Stay invested in Amtek Auto; target Rs 170: Hemen Kapadia

Hemen Kapadia of KR Choksey Securities told CNBC-TV18, "We are in a short-term downtrend and we are probably in the last stages of its intermediate downtrend. So, not exciting but it is getting oversold, maybe in down for multiple months, there is positive divergence. Amtek Auto seems to be stabilising over here. So I would suggest a hold over here. I think a bounce back is there in the offing, so it is a hold with a stoploss of Rs 128 and a target of Rs 170."

At 14:50 hrs Amtek Auto was quoting at Rs 149.20, up Rs 0.65, or 0.44 percent on the BSE.

The share touched its 52-week high Rs 272.40 and 52-week low Rs 129.20 on 09 June, 2014 and 24 March, 2015, respectively.