BHEL may test Rs 210-215, says Siddharth Bhamre, Angel Broking.
Bhamre told CNBC-TV18, "We have seen lot of addition of short positions and in BHEL 31% rise in open interest. We have seen around 260-280 Call Options being written significantly. I believe there is some more downside which is left to BHEL. I won't be surprised if I see levels of around Rs 210-215 where one can think of buying some of it."
He further added, " Larsen and Toubro would have some long unwinding pressure because after Rs 1200, we have seen stock rallying not because of short covering but because of formation of long positions. So that unwinding is still left. We won't see significant upsides in L&T from current levels. So these two stocks probably would be underperformer for next few sessions and so I won't be trading long in them but certainly I am not shorting L&T. BHEL probably would trade with negative bias if there is not gap down opening, its sell on rise kind of stocks BHEL till Rs 210-215."
