The latest analysis and commentary by stock market guru Ashish Chaturmohta of Sanctum Wealth Management on what is moving the markets today.
He also spoke at length on RBL Bank, Bharat Forge & UPL.
Speaking about F&O stocks Ashish Chaturmohta said, “Few selective names where we are seeing a clear strength first one would be RBL Bank if you look at RBL Bank post results it has been consolidating for last 7-8 weeks and if you look at the kind of open interest addition which you are witnessing in the stock is last three trading sessions from the lower end of the range clearly indicates lot of long accumulation is happening. One can initiate a long in RBL Bank with a stop below Rs 664 on upside Rs 697-700 could be a very short-term target one can expect here in RBK Bank. UPL is a preferred bet in agro chemical theme. We have been maintaining this as a positive call since last 21-3 months. This could be initiated as a fresh buy idea Rs 949 would be my trading stop loss Rs 986 could be a shorter term target one expect in UPL but positionally I think Rs 1,040-1,050 is what one can expect in UPL in next 3-4 weeks’ time frame. One short call on Bharat Forge with a stop above Rs 468 zone and on downside one can expect levels around Rs 415-410 to be seen in next couple of trading sessions.”Disclaimer
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