Keep stoploss above Rs 106 in IDFC: Amit Gupta

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Keep stoploss above Rs 106 in IDFC: Amit Gupta

Keep stoploss above Rs 106 in IDFC, says Amit Gupta, Head-Derivatives, ICICI Direct.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » ALSO READ See previous views by Amit Gupta See what other Experts & Brokerages are saying about IDFC See messages about IDFC

Keep stoploss above Rs 106 in IDFC , says Amit Gupta, Head-Derivatives, ICICI Direct.

Gupta told CNBC-TV18, "I spoke about IDFC after the consolidation of August till November and which was taken out in the month of December. We saw that from there on there was very heavy short build up around Rs 105 which dragged the stock towards Rs 90, again it has moved up. But I have seen that 100 call options again are getting shorted. So I have taken this position where we are going short again around Rs 100-102 levels and we are keeping the stop above Rs 106 and we are looking for a target of Rs 90 again."

He further added, "If you look at this particular space where IDFC is, the NBFC, we have seen that very heavy short positions have been rolled from the previous series to the current series. In fact the double amount of positions have been rolled, the same is happening with HDFC and LIC Housing Finance. Both are nearing the very stiff resistance levels. So I fear that the NBFC space may possibly under perform now and IDFC which is already weaker I think it may become more weaker."