Keep stoploss at Rs 1970 in Hero Motocorp , says Jai Bala, cashthechaos.com.
Bala told CNBC-TV18, "The correction in Hero Motocorp looks incomplete, from an Elliot wave market point of view the previous support for Hero is about Rs 1600 and the rise so far is looking just like a corrective rally within a downtrend. So there is little bit of downside in the short-term and once Hero gets to that level bigger trend will resume, Hero is going to back to Rs 1660."
He further added, "I think the resistance will come in for Hero somewhere around Rs 1925 or just below that. So one can place a stoploss about Rs 1970 above that and then try to go short in the stock for a bearish potential above Rs 1660."
