Don't short Reliance: E Mathew

Technical Analyst, E Mathew is of the view that don't short Reliance Industries at current levels.

Mathew told CNBC-TV18, "I suppose Cairn India is certainly a don’t short because that’s your proxy play on crude. Reliance Industries may be it could slip in as I was seeing sometime back earlier on Monday. There is further panic and there is absolute capitulation, you could see it go below Rs 2,000 momentarily. But certainly I would not short Reliance at the current level."

He further added, "Also a stock like Neyveli Lignite showing phenomenal strength. I think may be on a further sell off, may be around Rs 100 levels that could also look pretty interesting. So of course one has to absolutely count on the fingertips the shorts the stocks, which one could turn bullish on and these are the couple of ideas I thought." 

Disclosure: He may be holding trading positions or/and may have an interest in the above stock and sector.