Go long in Reliance Infrastructure: Bhamre

Bhamre told CNBC-TV18,"We saw some serious unwinding over ADAG but then what we are observing some of the names like Reliance Infra in particular we are having slightly bullish view and a contra buy call can be initiated today. It was more of unwinding which was the case for most of the stocks. There is no formation of short positions. At the same time 3-4 days before when the stock was going up volumes were much higher than what happened yesterday. So there is not much of cash based selling also which is happening."

He further added, "What we are suggesting is go long somewhere around Rs 540-544 levels, we are expecting a bounce back because of formation of long positions and not because of some kind of short covering because we don’t believe there are much of shorts which are left in Reliance Infra, which were formed around Rs 600-650 odd levels, those shorts have been covered. So go long around Rs 540-544, we are having a target of Rs 586 and we would suggest a stop loss of Rs 527 in it. RComm and other spaces have also seen unwinding but we are not initiating any trade over there as of now."