HDFC Bank may test Rs 710: Ashish Chaturmohta

Jan 14, 2014, 02.22 PM IST

Ashish Chaturmohta of Fortune Equity Broker is of the view that HDFC Bank may test Rs 710.

Tags Ashish Chaturmohta, Fortune Equity Broker, HDFC Bank

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Ashish Chaturmohta of Fortune Equity Broker is of the view that HDFC Bank may test Rs 710.

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HDFC Bank may test Rs 710: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Equity Broker is of the view that HDFC Bank may test Rs 710.

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Ashish Chaturmohta of Fortune Equity Broker told CNBC-TV18, " HDFC Bank is the only stock which is showing very good strength. If one looks at any other bank like ICICI Bank, Axis Bank or even in the PSU space, we are witnessing a strong build up of short positions. However, surprisingly HDFC Bank in last three days has seen a build up of almost 7-8 percent on the long side. So, this is a contra call which we are playing on the HDFC Bank."

"This is one stock where we can see upside towards Rs 710 levels and on downside Rs 660 looks a very strong support. It is more of a risk reward trade rather than a very conviction call. So, if market has to take support, this the area where it needs to take support. If it breaches 6200 then for next 7-10 trading sessions we may witness selling pressure in the market," he said.

Disclosure: He does not have any personal holding in the stock.

Bergaya Sehat