Hold short positions in BHEL: Shardul Kulkarni

Kulkarni told CNBC-TV18, "Today BHEL and L&T maybe moving divergent but overall the chart structure for BHEL as well as Larsen and Toubro has been similar over the past 5 trading sessions, both stocks have corrected. BHEL has fallen from Rs 260 right upto Rs 235-240 levels. Larsen also has fallen in similar in percentage terms. So I would say that it makes sense to wait out."

He further added, "If you are short, yes probably you can hold onto short positions in case of BHEL not in case of Larsen. BHEL I believe that stock may test the prior 52 week low of around Rs 220-215 in the next couple of trading sessions, so one can hold onto shorts in case of BHEL."