The latest analysis and commentary by stock market guru Amit Gupta of ICICI Direct on what is moving the markets today. Check out his top stock recommendations.
He spoke at length about Cummins India, and Hindalco.
Speaking about individual stocks, Gupta said, “Some aggressive long positions have started building up in Cummins India. Last time when such an increase was seen, it was almost 75 percent increase in open interest. That time almost 26 percent increase in the price we saw in Cummins India. It moved up from Rs 650 to Rs 820. If the same setup is there now, we are expecting a good breakout. So, Rs 760 above it should immediately move now and should move towards Rs 800 and above levels. So, overall this one stock from the capital goods that we are recommending.”
“From the metal space, you need to be little cautious in the short term and Hindalco possibly can be a short. In the recent pullback it is just falling from the same price of Rs 215-216 from where the average short positions are formed in the previous series. So, my sense is there may be some more hangover likely in the metal space in the short term,” he added.Disclaimer:
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