Prakash Gaba of prakashgaba.com told CNBC-TV18, "I have two shorts, Arvind looks weak to me and it has opened with a gap down. The way it is trading, it can go down to a levels closer to Rs 339, but I don’t think it is stopping at Rs 339. I think it is going even to Rs 330 zone. The stock may take couple of days for that, stop loss above Rs 350 on Arvind should be fine."
"Second stock that looks weak is Indian Oil Corporation (IOC). The up move that we have seen from Rs 285 to Rs 308, looks like more of a reactive up move. The stock has gone up to come down. So, I think the stock is coming down to levels closer to Rs 288 to Rs 285 zone, keep stop loss above Rs 297," he said.