Voltas may test Rs 430, says Amit Gupta

Amit Gupta of ICICIdirect told CNBC-TV18, "In this consumer durable space, as we are moving into the festival season, I think definitely some kind of up beating is seen and Voltas if we observe the volume pattern which is three times in the last one and a half years. We have seen that more than 60 lakhs shares of volumes whenever it has come and it has not come below those prices levels. Recently, that action was seen somewhere closer to Rs 375. It has not come below that level since then even when the market came down from 8,680 to 8,580. So, that time also it moved up from Rs 380 to Rs 390." "The stock is picking up that kind of momentum now. In futures, we have seen that there has been a very sharp closer of short positions. Almost 22-24 percent of closer has been seen since the last couple of weeks. So, that is where I think the momentum is there in the stock. On the higher side we are keeping the target of around Rs 430. Eventually, the kind of base formation that the stock has given near Rs 330-340 because number of times it has come down from Rs 330-340 in the last one year, now with the volumes it has given this break out. So, my sense is that Rs 430 may be the immediate target but beyond this the sky is the limit for the stock," he said.