Short HDFC Bank with stop loss of Rs 635: ICICI Direct

In an interview to CNBC-TV18 Amit Gupta of ICICI Direct recommends investors to go short on HDFC Bank with stop loss of Rs 635 as part of his F&O strategy for an eventful week ahead.
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Apr 06, 2013, 02.47 PM | Source: CNBC-TV18

Short HDFC Bank with stop loss of Rs 635: ICICI Direct

In an interview to CNBC-TV18 Amit Gupta of ICICI Direct recommends investors to go short on HDFC Bank with stop loss of Rs 635 as part of his F&O strategy for an eventful week ahead.

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Short HDFC Bank with stop loss of Rs 635: ICICI Direct

In an interview to CNBC-TV18 Amit Gupta of ICICI Direct recommends investors to go short on HDFC Bank with stop loss of Rs 635 as part of his F&O strategy for an eventful week ahead.

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Amit Gupta (more)

Head- Derivatives, ICICIdirect.com | Capital Expertise: F&O

In an interview to CNBC-TV18 Amit Gupta of ICICI Direct recommends investors to go short on HDFC Bank with stop loss of Rs 635 as part of his F&O strategy for an eventful week ahead.

Below is the edited transcript of the analysis on CNBC-TV18

At the close of trade on Friday, the market posted a slight recovery as the Nifty climbed back above 5,550 led by Maruti, BPCL and GAIL. The Nifty was at 5,563.90 down 10.85 points while the Sensex fell 25.83 points to 18,483.87. Among the other lead gainers in the Sensex were Bajaj Auto, Jindal Steel and ONGC up around 2 percent each.

Amit Gupta of ICICI Direct offers his F&O strategy for the week ahead when trade-balance data for March, the Index of Industrial Production (IIP) data for February and fourth quarter earnings of IT bellwether Infosys are to be announced.

"The stocks or sectors that provided some comfort to the market in this leg are starting to give up such as the technology segment to which funds were shifted on hopes of resilience against the falling market," he told CNBC-TV18

" HDFC Bank catches my eye from among the private banking segment though the stock may fall on long liquidation. The stock witnessed continuous delivery-based buying in the last two-three months at Rs 616. If the stock falls below Rs 616, there will be some long liquidation and the stock will fall to levels of Rs 570- Rs 580. I recommend investors to go short on the stock with a stop loss of Rs 635."

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Short HDFC Bank with stop loss of Rs 635: ICICI Direct

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