Oct 17, 2016 02:33 PM IST | Source: CNBC-TV18

Short ICICI Bank; buy Lloyd Electric: Ashwani Gujral

Ashwani Gujral of ashwanigujral.com is of the view that one can short ICICI Bank and buy Lloyd Electric.

Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "The pattern that ICICI Bank has shown today, Nifty showed at 8,800 where it rallied back towards a declining 20 and it stalled out there. So, similarly ICICI Bank, right now is a great shorting opportunity, put up Rs 265 as the stop loss and chances are fairly soon that it will start dropping and will soon get to Rs 230-235. Be extremely careful of the vertical rally, stocks like MRFCeat, Century Textiles, etc. The falls there have just begun."

"For the moment UltraTech Cement is a sell with a stop loss of Rs 4,020, target of Rs 3,900. DLF is also a sell with a stop loss of Rs 152, target of Rs 140 and Lloyd Electric is a buy with a stop loss of Rs 283, target of Rs 298."

At 13:56 hrs ICICI Bank was quoting at Rs 257.60, up Rs 15.75, or 6.51 percent. It has touched an intraday high of Rs 259.55 and an intraday low of Rs 244.00.

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