Go long in Tata Motors, Arvind, LT: Ashish Chaturmohta

Ashish Chaturmohta of Fortune Group recommends going long in Tata Motors, Arvind and Larsen and Toubro.

Ashish Chaturmohta of Fortune Group told CNBC-TV18, "We are recommending a long position in Tata Motors . It has been trading in a range between Rs 550 on downside and Rs 575 on upside and after a good consolidation the stock has given a good breakout above Rs 575. We have observed a very strong build up of positions during this consolidation, so at current level we expect the stock to cross its all time high which is around Rs 610. One can initiate a long position at current level keeping a stop loss below Rs 567 for an upside target of Rs 610."

" Arvind has been consolidating for last four or five months and it has given a fresh breakout after consolidating in a range between Rs 315 on upside and Rs 260-270 on downside. At current level, we have witnessed a very strong build up of long positions clearly indicating that a lot of long accumulation is happening. At current level one can initiate a long position keeping a stop loss below Rs 307 and on upside expect a target of Rs 345," he said.

"In the capital goods space, we expect a good amount of pullback rally in Larsen & Toubro  (L&T). So, at current level, we are recommending a long position in L&T with a stop loss below Rs 1645 and expecting a target of Rs 1745-1750."

Disclosure: Analyst does not have any personal holdings in any of them.

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