Technical Analyst, Rajat K Bose is of the view that Hindustan Motors has medium term target of Rs 65.
Bose told CNBC-TV18, "Today, Hindustan Motors is posting at 18 months high, earlier Rs 46-48 kind of range it used to test and then moveddown. For the first time, I see this is trading above Rs 50 after May 2006. So, this should be considered a breakout with more than Rs 15 crore volume at the NSE, this is a high volume breakout and it is one of the volume leaders today. If you look at the kind of breakout it has posted, so technical target for the medium-term would be Rs 65 to about Rs 68. For this move to be sustained it should not go down below Rs 46, atleast there should not be any two consecutive closes below that. However, the overall moves seems to be pretty strong, so we can expect Hindustan Motors to carry on with this current swing."
Source: Moneycontrol.com
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