Tata Motors may slip to Rs 239-240, says Siddharth Bhamre, Angel Broking.
Bhamre told CNBC-TV18, "Tata Motors is a short-term call. We have seen a significant run-up over there. Last two days we have seen that the momentum is reducing over there and positions are quite heavy. We have seen huge built-up of long positions. So I feel the counter might see some kind of long unwinding."
He further added, "We are not taking this call on the result per se that the result would be bad or so, but this is purely from a trading perspective. So I expect long unwinding to happen and I am expecting probably stock may come down to Rs 240-239 odd levels. The target is not very big on the downside, so we are just playing on that long unwinding thing rather than formation of short position. So you can fix stoploss somewhere around Rs 264-265 and go short on this counter."
